Technical: Moong Jaipur- Reversal Could Be Happening

Dated 20/02/2017

Moong/Green Peas Jaipur- Last close-4500: Reversal Could Be Happening

(Monthly Chart)

Trend is down as can be seen with the falling channel direction which falling.

Price move is within the channel most of the time.

Support is at 4400-4100.

Reversal can be seen on rise and close above 4800.

Pullback reversal can happen above 4800 and close above it can take price to 5600.

On breakout and close above 5600 reversal for new rally can resume.

Failure to sustain at higher range can lead to as slide towards 4100 and 3500.

Conclusion

Trend is down and objective remains to exit long position till 5600 is not crossed on closing.

Resistance will be seen at higher range unless vertical spike rally is witnessed.

Band of movement can be 5600-4100.