Dated 08/08/2017
Split Pigeon Pea (Tur Dal Phatka) Akola- Last Close- 6000 : Reversal Witnessed
Weekly Chart
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Swing bottom appears to have been formed based on bias theory as the same was conveyed in earlier update.
In last update as on 07/08/17, in the first part of the day we had indicated that rise towards DRV-6029 is likely.
A gap up opening was seen to test 6029.
The high registered was 6000.
Resistance will be at 6100 and 6350.
DRV is at 6022.
A gap up opening was seen therefore in near term minor correction to sideways movement can happen for consolidation.
Further upside momentum can be seen above 6200.
The weekly trend was down and is likely to turn up in near term.
Pullback reversal has been witnessed as expected.
Conclusion
Pullback rise is likely to be converted into up trend in near term with minor correction and consolidation.
Accumulation at current and on correction to 5600 can be undertaken.
Expect 6150-6200-6350 to be tested.
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