Technical: Pigeon Pea (Tur) Akola Bilty – Expect Rise For Pullback

Dated 04/03/2019

Pigeon Pea (Tur) Akola Bilty Last Close- 5512.5 - – Expect Rise For Pullback

The view mentioned is last update remains same as not much change of price range has been witnessed over last fortnight.

Support will be at 5050-4500.

Resistance will be at 5700.

Further rise is above 5700 for pullback of the fall from 14800 to 3750.

Retracement levels are placed at 6228-7875.

Earlier lower top breakout above 4775 has been witnessed and correction towards it can provide support along with the support range of 5050-4500.

Wave (b) structure will end if fall and close below 4500 is witnessed and in that case may slip down to the bottom of 3750-3550 or below.

For the time being support is expected at 5050-4500 and subsequently may move higher.

Alternatively, immediate rise above 5700 can restore the upside pullback momentum.

Conclusion

Accumulate at support of 5050 or below.

Trade long or add long above 5700 for rise towards 7600.

Expect 6228 to be tested in near term.