Technical: Urad / Black Mapte FAQ-Burma-Consolidation at lower range

Dated 21/09/2018

Urad / Black Mapte FAQ-Burma – Last Close-3575– Consolidation at lower range

The view mentioned in last update remains same as prices correction towards averages.

Trend still remains down as we can see from the averages plotted which have a negative/falling slope. Prices are below the averages as shown the chart in the chart. Currently the prices are in between the averages.

Breakout is essential above resistance.

Support zone is at 3510, 3324 and 3125.

Resistance is at 3950.

Breakout and close above 3950 on sustained basis can show reversal as price start to sustain above the average.

Averages are placed at 3727 and 3605.

Correction to averages can be used for accumulation.



Conclusion

Accumulate at correction on support levels and on breakout above 3950 for near term rally.