Technical: Chana Indore- Support Of 6200-6000 To Be Under Pressure

Dated – 07/1/2017

The support of 8400 was violated and Wave c of Wave 4 continued post last update.

Bottom Wave a is likely to be tested which is at 6000.

The fall cannot test the earlier breakout point of 5300.

if that happen the Wave 4 terminated at Wave a and Wave 5 ended at the lower top of 10000 for Wave 5 failure.

In that case the bottom of Wave 2 marked will be tested which is around 4150.

Trend is down on week chart as it is visible.

Support will be at 6200-6000.

On fall and close below 6000 expect 5200-5100 at least and may extend down to 4400.

If the recovery has to happen then it can be from 6200-6000 other slide will continue.

Conclusion
Support can be witnessed around 6200-6200 which will critical from the next fall point of view.

Reversal could happen if sustains above 7500.

Traders on short side need to maintain7500 as the reversal alert for the last fall that was witnessed.

Previous Report: Technical: Chana Kantewala Indore - Price Movement Band 10800-8400 (Full Report)