Dated – 19/12/2016
CHANA- CHICKPEAK INDORE
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A rounding bottom formation was seen on the historical chart between the period 2012 to 2016.
Breakout was being witnessed in year 2016 for a rally to 10800.
Wave 4 appears to be ended 8400 unless is violated immediately.
The near term band for movement is 8400 to 10800.
A breakout and close above 10800 can set a rally once again for Wave 5 which may end at 12300 and 13700.
As long as 8400 is not violated possibility of price moving higher can remain.
Resistance will be at 10000-10800.
Conclusion
The price movement is likely to be in the band of volatility between 10800-8400 for near term to short term unless immediately breakout and close above 10800 is witnessed.
The trend appears to be up and prices are above the Weekly Reversal value Trend line as shown in the chart. Support also been seen on the same pink color trend line.
Positive price expectation still remains as long 8400 is not violated.
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