Technical: Sun Flower Oil Kakinada Spot : Bull Market Spike Witnessed

Dated 02/12/2017

Sun Flower Oil - Kakinada Last Close - 725 : Bull Market Spike Witnessed



In last update, we had indicated about the possibility of the bull market rally and the same has been witnessed in form of Bull Market Spike.

Up Trend has resumed as prices are above both the averages.

Bull Market is in progress as 55 VA is above 89 VA now.

Trend line breakout has been witnessed.

Expect 770 to be tested of Wave 1 of Wave (c).

Correction is for accumulation on Wave 2 resumption.

Currently Wave 1 is in progress may halt around 770.

Correction to averages can be opportunity to enter and accumulate.

Averages are at 681 and 676.

In due course of time averages will move higher as correction sets in and will be higher in comparison to current level of averages.

Conclusion
Bull market up trend is in progress and will test 780 in near term to short term from current level of 725.