Technical: Mustard Seed Jaipur- Trend Still Down In Current Leg

Dated 14/02/2017

MUSTARD SEED JAIPUR- Last Close-13/02/2017-4150: Trend Still Down In Current Leg

In the above monthly chart, Wave (b) of larger degree is in progress.

Internal of Wave c of Wave (b) is in progress which can end at the demand zone created by the bottom of Wave a.

The demand zone is 4000-4250. The low registered till now 4150.

Recovery from demand zone may be witnessed.

Reversal can resume on rise below 4500.

Support of 4000 is likely to be under pressure as the trend is still down.

Downside momentum will continue if close is below 4000.

If that happens then the slide will extend down towards 3810-3640 and 3350-3420.

Conclusion

The demand zone 4250-4000 is being tested. Trend is still down and downside momentum will continue below 4000.