Technical: Sugar M Grade Spot - Correction Being Witnessed

Dated 12/12/2017

Sugar M Grade Delhi - 3430- Correction Being Witnessed



Trend is down as prices are below the 55VA and 89 VA.

Bull market structure is in place as 55VA is above 89 VA.

The bull market structure can dismantled if sustained fall is witnessed now.

Correction which was expect for a long time has finally been witnessed.

A retracement of the rise from 2415 to 3929 is being witnessed now.

The 23.6%, 38.6%, 50% and 61.8% retracement levels are placed at 3600, 3357, 3162 and 2966.

The low registered on the correction till now is 3430.

The 38.2% is at 3357 and the same is likely to be tested and can extend to 3162 and 2966.

Resistance will be at 3600 hencforth.

Conclusion
Correction phase is in progress.