Technical: Mumbai Lemon Tur - Price Correction Being Witnessed

Mumbai Toor Lemon (Price In Rs/100kg)- Price Correction Being Witnessed - ( Prepared On Aug 22)



Since the data available, larger degree Wave A is complete at the peak of 15400 (October 2015). Correction since then is being witnessed. Correction for Wave c of Wave (a) of Wave B is in progress which may end at 4627 or at 3458
Trend appears to be down now after the sideways volatility as the bottom of Wave a of current Wave B is violated in the current Wave c of Wave B.

Correction can extend down to 4627. Downside momentum is being witnessed which may test lower level of 4627 at least and may extend to 3458.

Termination of the current fall can be lead to Wave (a) completion which may happen at or around the levels of 4627 or 3458.

Conclusion
Expect Wave c of Wave B correction to be in progress for 4627. It depends on where the price fall stops and reverses. Trend appears to be down for the time being in near term to short term.

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