Dated 03/12/2016
URAD FAQ BURMA - Urad / Black Mapte
Correction is in progress
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Correction is being witnessed of the larger degree rise from 1951 to 16000 during the period year 2008 to 2016.
Recent low in last couple of months have been 6800.
Resistance will be at 8500.
A rise and close above 8500 can mark a reversal from the current phase of 16000 to 6800.
Correction will continue on fall and close below 6800.
If that happens then a slide to 4950 is likely to be witnessed.
The demand zone on correction further can be at 5450-4400.
In the event of a deeper correction slide to 5450-4400 can be tested.
For near term to short term the band of movement can be 8500-6800.
Conclusion
Expect movement to remain between 8500-6800 for some time.
Reversal is above 8500 and correction continues below 6800.
Trend is still down in correction mode of the last major rally.
Long term accumulation will be more ideal in the range of 5450-4400.
Short to medium term pullback rally is above 8500.
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