Dated – 18/05/2017
CHANA- CHICKPEAK INDORE - last close 1/05/2016- 5500: Consolidation/Accumulation Can Be Witnessed
Weekly Chart
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Overall trend is still down as prices are below the DRV and recent rise was pullback within the down trend.
Support is at 5450-4950.
Expect correction and consolidation at current level to the support zone of 5450-4950.
Upside movement can continue above 6200.
Conclusion
Consolidation zone can be 5450-4950 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. Current movement is sideways for consolidation.
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