Technical: Masoor Kanpur - Trend is down

Dated 21/2/2017

MASUR KANPUR – Last Close-17/02/2017-4550- Trend is down

(weekly Chart)

The support and last bottom of 4700 was violated and the recent low is 4400.


Lower top and lower bottom formation has been witnessed.

A sustained fall below 4400 can lead to a slide towards 3000.

Resistance will be at 4700-5000.

Rise till 5000 is not crossed can be used to exit long as it could still be in a process of lower top and lower bottom formation.

Trend is down as can be visibly be seen.

Reversal can be witnessed on rise and close above 5000.

Conclusion

Trend still down and reversal is above 5000 closing. Expect 3000 possibility in the down trend till 5000 is not crossed.