Dated 01/03/2017
Sun Flower Oil- Kakinada Last Close-680 (28/02/17): Correction Mode For Near Term
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(Monthly Chart)
Correction will continue for Wave c on fall below 688.
If the fall is below 688 the retracement levels will be tested.
In that case retracements of the rise from 580 to 740 are at 680 and 657.
The low till now is 680. Further fall is below 680 for 657.
Trend is still down therefore use rise to exit long till 700 is not crossed on closing.
Conclusion
Corrections towards retracement level likely therefore accumulate at retracement level of 680 and 657 as and when the opportunity arises.
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