Technical: Moong Jaipur- Reversal Has Been Witnessed

Dated 20/03/2017

Weekly Chart

Reversal appears to be in place after testing the earlier bottom of 4100.

The low last few week was 4250 and last week close was at 5050.

A close above DRV has been witnessed.

The lower top of 5500 will be tested.

The 61.8% retracement has been crossed along with the close above weekly DRV.

Whenever 5500 is crossed strong, a case of double bottom will be confirmed.

For the time being expect 5500 to be tested.

Trend has turned up based on DRV pink line as shown in the chart.

Conclusion

Trend turn up therefore expect lower top of 5500 to be tested in near term with volatility from current price of 5050.