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Technical: Chana Indore- Consolidation/Accumulation Can Be Witnessed

21 Apr 2017 12:50 pm
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Dated – 21/04/2017

CHANA- CHICKPEAK INDORE - last close 20/04/2016- 5625: Consolidation/Accumulation Can Be Witnessed

Weekly Chart


Overall trend is still down as prices are below the DRV and recent rise was pullback within the down trend.


A correction of the rise from 4600 to 5200 is likely to be witnessed for consolidation.


The consolidation at lower gap of 5400-5200 can be witnessed.


Wave a has ended at the bottom of 4600 formed in March 2017.


Band of movement for short term is between 6400 and 5100.


Support is at 5400-5200.


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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