Technical: RBD Palmolein Kandla- Near Term Correction/Consolidation Likely

Dated 17/03/2017

Trend appears to be up but correction for Wave e appears to be in progress.

Wave e can test the DRV and at the last higher bottom of 535.

The DRV is around 563.

Further rally can resume if Wave d top of 630 is crossed.


Correction and retracement of the rise from 432 to 640 between the periods August 2015 to September 2016 will be seen.

The retracement levels are placed at 560-535-511.


Retracement levels will be tested before making attempts to move higher.

Conclusion

Expect Near term Correction for Wave e before making attempt to move past 630.

Retracement levels of 560-535-511 to be tested.