Dated 07/10/2017
Sun Flower Oil- Kakinada Last Close-675 : Contraction and Consolidation before new rally
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Up trend appears to be in place as prices are above both the averages but 55 VA is still below 89 VA to confirm the bull market.
However, correction to averages and retracement will be opportunity for accumulating for near term - short term in an expectation of rise to 710-720.
Current objective are for near term to short term unless vertical rise for trend line breakout is witnessed. Contraction of Wave d and Wave e is in progress lead to contraction of swing.
Conclusion
Accumulate at current and on decline to 664 as the opportunity arises. Expect a near term rally to 710-720
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