Technical: Wheat Spot - Correction And Consolidation Likely At Lower Level

Dated 24/11/2017

Wheat Spot Delhi - Last Close- 1800 - Correction And Consolidation Likely At Lower Level



Trend is up as prices are above the averages.

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

Price is now reacting down from higher level of 1876 to the averages.

The averages 55VA and 89 VA are placed at 1802 and 1809.

Resistance will be at 1830-1875.

Further rise is above 1875 closing.

Correction a fall to form Wave (c) appears to have began.

Trend line breakdown if witnessed will confirm slide for Wave (c).

Wave (c) could be 1700 or below.

Support will be at 1750 and 1740-1710.

Upside momentum is above 1876 closing.

Conclusion
Consolidation at lower level on the fall to 1750 and 1710 could be happening.