Technical: Wheat Delhi- Pullback Rise Could Be Happening

Dated 09/06/2017

Monthly Chart

The recent low of 1705 is likely to be the swing bottom unless quickly the level is violated.


Expect near term rise towards DRV which is at 1833.

Near term to short term traders can start accumulating as long as 1705 is not violated therefore understand the risk and plan.

Possibility of near term rise cannot be ruled out to 1785-1800-1833.

Stochastic is deep oversold zone and may help as clue for near term pullback.

Conclusion

Swing bottom could be in place at 1705. Expect near term pullback to higher range.