Dated 16/03/2017
Sun Flower Oil- Kakinada Last Close-680 (15/03/17): Correction trend is in progress
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Correction will continue for Wave c is in progress.
In that case retracements of the rise from 580 to 740 are at 680 and 657.
The low till now is 660. Further fall is below 680 for 655 closing.
Trend is still down therefore use rise to exit long till 680 is not crossed on closing.
The support levels now are 660-655 and 620.
Trend is still down. Support could be fetch around 655.
Conclusion
Expect lower support level of 660-
655 and 620 to be tested in near term before making attempt to reverse. Trend is still down.
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