Technical: Guar Seed Bikaner- Trend Is Still Down

Dated 11/02/2017

GUAR SEEDS BIKANER- Last Close-3230 : Trend Is Still Down

(Monthly Chart)

Resistance is at 3350.

A sustained rise and close above 3350 can show a reversal from the falling trend.

Wave (e) is still in progress which has down direction.

Demand Zone and Support Cluster is at 3125-2930.

If Wave (e) is terminate now then breakout and close above 3350 is essential for a big rally first towards 3750-3827.

Alternatively, Wave (e) could end at 3125-2930 before making a breakout.

Trend still is down and sideways for near term to short term till 3350 is not crossed strongly.

If 2930 gets violated Wave (e) will still be in place and may stretch down to 2500.

As long as Wave (e) termination confirmation is now witnessed trend is down but could bottom out at demand zone or at 2500 or it has already marked a bottom at 3150 if sustained breakout and close above 3350 is witnessed.

Conclusion

Breakout attempt is critical to mark reversal and to show bullishness in medium to long term.