Dated - 15/01/2018
SUGAR M GRADE DELHI- 3340- Correction Being Witnessed
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Trend is down as prices are below the 55VA and 89 VA.
Bull market structure likely to dismantled.
A retracement of the rise from 2415 to 3929 is being witnessed now.
The 38.6%, 50% and 61.8% retracement levels are placed at 3357, 3162 and 2966.
The low registered on the correction till now is 3280.
The 50% is at 3162 and the same is likely to be tested and can extend to 2966.
Conclusion
Correction phase is in progress to test 3162 and 2966.
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