Technical: Cotton Bales Rajkot- Near Term Rise Is In Progress

Dated 06/03/2017

COTTON BALES – Rajkot-Last Close- 20990– Near Term Rise Is In Progress

Weekly Chart

Wave v appears to be in place which can end at 21575 or at 23576.

Support is at 20100.

Up Trend is in progress as prices are above DRV and higher bottom of 20600 of the rise from 18290.

Exhaustion at higher range could be witnessed around 21500.


Up move continue above 20910.

Conclusion

A rise for Wave v appears to be in place.

Expect higher level to be tested.

Correction or down move can resume on fall and close below DRV on sustained basis. DRV is around 20564.