Delhi Chickpea Rajasthan Line - (Price in Rs/100 kg) : Data Updated As On Aug 19
.png)
Chickpea prices are in Wave 3 (The third corrective segment) of a larger degree. Currently the wave iv of Wave C is in progress. The unfolding of wave iv started from the top of 9,200.
The entire rise from 4400 – 9200 is under correction and the retracement levels are placed broadly at 7350 -6800 – 6200 which are likely to be tested in near to medium term.
At the time of analysis, Chickpea was last traded at 7,900/100kg.
A momentary top is likely in place now at 9,200.
In case the correction turns even more deeper then there is higher probability that prices have already topped at recent high of 9,200 level.
However, if prices find support at 7,350, then a rise towards 9,200 cannot be ruled out.
Conclusion /Strategy
By analyzing current technical factors it looks like that Chickpea prices will get support around 7,300-7,500 levels ahead of festival season. A short-term rise towards 8,600 will be the most likely range before the new crop sowing starts to weigh on prices again.
If above assessment holds true, then market may have attained a major top in Chickpea prices at 9,200.
Near term correction is in progress which can test the lower range of 7,353 or below.
Short term traders may look to offload stock and take profits at higher range till 9200 is not crossed.
Partial profit booking on the rise is suggested as near term correction is likely.
0 Comments 
Post Comment 
