Technical: Chana Indore Spot : Expect Lower Range To Be Tested

Dated –16/10/2017
CHANA - INDORE - Last close : 5025 - Expect lower range to be tested

Weekly Chart



Chana Chickpeas is in major bear market or correction cycle from December 2016.

The 55 VA is below 89 VA which suggest a down trend and bear market/correction cycle.

Pullback towards Averages has been witnessed.

Chana prices failed to sustain at the averages. In the last update, price were around the averages and failed to sustained.

A slide towards 4850-4600 and 4175 was likely and the same was indicated.

The low registered in last few days was 4950.

Expect support at lower level of 4775-4600 and 4175.

Trend is down and support likely to be under pressure for reversal from lower level.

Conclusion
Lower levels to be under pressure as prices will attempt for reversal from support. However, trend will remain down to sideways even as it tries to reverse from support.