Technical: Mumbai Matar Canada - 2231 Critical Support At Lower Range

Dated 19/05/2017

MUMBAI MATAR CANNADA - Last Close- 18/05/2017: 2231 Critical Support At Lower Range

Weekly Chart

The last bottom was a 2131(December 2014) and the demand zone attached along with it is 2131-2181.


The low registered in October 2016 was 2171. It tested the demand zone and recovered to move higher to 2521 (March 2017).


Between 2171 and 2521 the bandwidth was falling which suggest that pullback can be limited to the DRV and same was witnessed.


Expect support will be at the demand zone 2181-2131.


Further downside momentum will continue below 2130.


On the immediate near term, support is expect at lower range.


Stochastic is in oversold zone therefore effect of Stochastic oversold bounce from current level or from lower level can be witnessed.


Bandwidth is rising now therefore a recovery now with rising bandwidth can help the momentum.


Major lower top is in place at 2521 and any rise first is expected to create lower top.


For the time being support of 2130 is critical and will under pressure.

Conclusion

Support of 2130 will be under pressure therefore critical to stage a recovery, bounce or reversal from current level to 2130.