Dated 24/12/2016
SUGAR M GRADE DELHI- Correction Likely
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Correction in near term to short term is likely to be witnessed unless immediate rise and close above 3700 is witnessed on sustained basis.
Correction will be of the rise from 2357 (July 2015) to 3695 (November 2016).
Retracement levels of the rise from 2357 to 3945 will be at 3525.
On fall and close below 3525 the slide can be towards the retracement level of 3335-3166-2965.
In March 2016, we have witnessed a trend line breakout which took the price to 3945 from 3455.
Resistance for near term to short term is at 3832-3955.
Further rally can continue on breakout and close above 3955.
The momentum bias appears for correction to 3525-3335.
Conclusion
Near term to short term correction likely
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