Technical: RBD Palmolein Kandla- Resistance At Higher Range

Dated 16/02/2017

(Monthly Chart)

Resistance will be at 640-671.

Further breakout and close above 671 is essential.

Support will be at 565-535.

Further rally can be witnessed on close above 671 can extend the rally to 793.

The count a-b-c-d-e is shown which suggest resistance for Wave d and then correction for Wave e before moving higher.

Alternatively count is shown in pink a-b-c which suggests that if breakout and close above 671 is witnessed then rally to 793 can be witnessed as shown with projection line.

Trend appears to be up on monthly chart with first objective to test the resistance of 640-671.

Conclusion

Expect higher resistance to be tested. Near term correction with volatility cannot be ruled out.