Mumbai Toor Lemon: Range Bound Correction Cycle Continues

MUMBAI (Commoditiescontrol) - Tur (Lemon-Mumbai) or pigeon pea long term technical outlook updated view. (Price In Rs/100Kg)

Since the data available, larger degree Wave A is complete at the peak of 15400 (October 2015). Correction since then is being witnessed. Resistance is at 9650.

Correction for Wave c of Wave (a) of Wave B is in progress which may end at 7300-6500. Correction mean accounting of volatility and range bound swing within 9650 to 6500.

Correction can extend down to 4627 if sustains below 6500.

Reversal can happen only if breakout and close above 9650 is witnessed.

The level of 7300 is likely to happen.

Conclusion
Expect range bound volatility for near term to short term. Till correction indications are not complete directional movement cannot be indicated.Overall exit long position on rise to 9650 and 11300 as the opportunity arises.

Accumulation can be undertaken at lower levels of 7300 and 6500 as Wave (a) may complete at lower level. Overall for long term new peak may not happen till correction cycle is not complete with volatility.

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(By Commoditiescontrol Bureau; +91-22-40015533)