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Technical: Chana Indore- Consolidation/Accumulation Can Be Witnessed

18 May 2017 12:19 pm
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Dated – 18/05/2017

CHANA- CHICKPEAK INDORE - last close 1/05/2016- 5500: 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.


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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