Technical: Wheat Spot Delhi Spot : Sideways Movement Witnessed

Dated 24/10/2017

WHEAT Spot Delhi- Last Close- 1790 – Sideways Movement Witnessed



Trend is down as prices are below the averages. The averages has been tested as can be seen in the chart.

The 55 VA is below 89 EMA which still indicates a bear market and current rise is a pullback.

Up Trend can resume on sustained rise above 1800 and bull market can resume when 55 VA is above 89 VA.

Resistance is at 1800.

Support is at 1765.

Downside momentum will resume on fall and close below 1765.

Overall a fall below 1730 can set a slide towards 1610 and 1497.

For near term breakout and close above 1800 resistance is essential.

On rise and close above 1800 on sustained basis expect 1858 and 1920.

Conclusion
Consolidation between 1800 and 1730 could be happening.

Up Trend can resume above 1800 coosing.