Dated 25/09/2018
Mumbai Matar Cannada - Last Close- : 4251- Correction Is For Accumulation
Trend is up as prices are above the averages as shown in the chart.
Support will be at 4026 and 3773.
Retracement levels are placed at 3900 and 3534.
Correction to support of averages and retracement could provide opportunity for entry.
Upside momentum to continue if breakout above 4400 is witnessed.
Resistance will be at 4450 and breakout is essential to extend the rise. If that happens then expect 5900.
For medium to long term angle, if higher top and higher bottom consequence continues then lower range can be 3900-3534 and upside can be to 4450 and 5900.
Upside momentum based calculation are applicable as long as higher top and higher bottom sequence is in place.
Conclusion
Accumulate an correction to retracement and averages as mentioned above.