Technical: Sugar M Grade Delhi Correction Continues

Dated 31/01/2018

Sugar M Grade Delhi- 3340- Correction Continues

Trend is down as prices are below the 55VA and 89 VA.

Bull market structure likely to dismantle.

A retracement of the rise from 2415 to 3929 is being witnessed now.

The 61.8% retracement levels are placed at 2966

The low registered on the correction till now is 3113.

The 61.8% of 2966 is likely to be tested.




Conclusion

Correction phase is in progress to test 3162 and 2966.