Technical: Mumbai Lemon Toor - Bounce Likely To Happen

Dated 20/01/2017

MUMBAI TOOR LEMON- last close-19/01/17-4800: Bounce likely to happen for pullback

Trend is down and further weakness is below 4300.

Wave a of the second leg of double combination could be complete and pullback possible as long as prices are above 4300.

On fall and close below 4300 the slide will continue towards 3500.

Resistance can be at 4800 and remain above 4800 then pullback to the falling channel upper line can be tested which is around 5100-5600.

Conclusion

Trend is down and further weakness is below 4300.

Pullback towards 5100-5600 is possible for near term to short term.

Trend is down and is within the falling channel.

Reversal can happen as it has tested the breakout point of 4400.