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Technical: Castor Seed: Up Trend With Intermediate Correction

11 Nov 2017 4:54 pm
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Dated 11/11/2017

Castor Seed Deesa- Last Close (Mean)- Last Close-: - 4300- Up Trend with Intermediate Correction



Castor Seeds prices are in bull market and up trend.

Prices are above both averages and 55 VA is above 89 VA.

Wave 1 ended at 4875 and Wave 2 is in progress.

Wave c could test lower level and retracement levels.

Can test averages for consolidation before moving up again.

Averages are placed at 4136 and 3974.

Retracement levels are at 4158-3907-3647.

Correction to 4148 or 3907 could be seen unless immediate sustained rise above 4564 and 4900 is crossed.

In that case Wave 3 will be in progress which can rally to 6000 plus levels.


Conclusion

Long term trend appears to be up and correction in near term to short term appears to be opportunity for accumulation.

Physical may accumulate at lower prices and rally with volatility of higher top and higher bottom formation is likely to be in place.

(By Commoditiescontrol Bureau; +91-22- 40015516)


       
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