Dated – 03/04/2017
CHANA- CHICKPEAK INDORE - last close 31/03/2016- 5875: Consolidation/Accumulation Can Be Witnessed
Weekly Chart
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Wave a has ended at the bottom of 4600 formed in March 2017.
A pullback rise is in progress in relation to the fall from 10800 to 4600.
The 23.6% retracement is tested which is at 6056. The last in last fortnight is at 6200.
The resistance gap is at 6400-6200 which can act as resistance for further pullback continuation.
On rise and close above 6400 expect the pullback retracement of 6990-7671-8419 to be tested.
Expect consolidation and correction/sideways volatility between 6400 and 5100.
Support is at 5400-5100.
Conclusion
Consolidation zone can be 5400-5100 and can be for accumulation. Breakout and close above 6400 can provide a rally to retracement levels of 6990-7671-8419. Consolidation and accumulation can be witnessed.
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