Technical: Soya Bean Meal Indore- Support On Channel Line Possible

Dated 17/01/2017

Expect support at current level to 22500-22000.

A rise and close above 25000 can mark a reversal for a pullback rally.

The low channel line gets violated below 22000.

If that happens then expect a slide towards Wave (c) projection level of 19650.

Conclusion

As long as 25000 is not crossed rise and pullback towards it could be to exit long position.

Alternatively, consolidation can be witnessed if 22500 is not violated and move above 25000 strongly.

Bias is to move lower with volatility but attempt of reversal cannot be ruled out.