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Technical: Masoor Mumbai Spot - Higher Levels Likely To Be Witnessed

6 Dec 2017 1:05 pm
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Dated 06/12/2017

Lentil (Masoor) - Canda Crimson - Last Close 3450- Higher Levels Likely To Be Witnessed



Support has been witnessed in last fortnight at 3100 and bounce to averages has been witnessed.

Trend is down and Masoor prices are in bear market.

Price is within the averages and 55 VA is below 89 VA.

A sustained rise and close above 89 VA can resume up trend but eventually 55 VA will have to cross 89 VA for bull market.

The 55 VA and 89 VA are placed 3404 and 3570.

Pullback was expected in the last update and the same has been witnessed.

Conclusion
Critical support remains at 3100.

Breakout above 3570 is required to resume the up trend.

The resistance of 3800 is likely to be tested with volatility and consolidation at and above 3100.


       
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