Technical: Chana Indore- Trend is still down

Dated – 20/02/2017

(Weekly Chart)

Wave a is in progress and may end at current level of 5425 or at 4150.

Bounce can happen from current level to 4150 for a pullback.

Indicators are in oversold zone and lower range in near term could bottom out at or around 4150.

Sustained fall below 4150 can lead to a sustain slide again.

Upside can be to 6200 for resistance.

Trend is still down.

Conclusion

Expect the level of 4150 to be tested.