Dated 11/10/2017
Lentil (Masoor) - Canada Crimson – Last Close 3200 - At Critical Support
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Daily Available Data Chart
Trend is down and Masoor prices are in bear market. Price is below averages and 55 VA is below 89 VA.
Masoor prices are at critical support of 3100. Sustained fall below 3100 will continue the slide towards 2600-2500.
Lower top is at 3700 and averages are at 3488 and 3660. Pullback rise to 3488 and 3660 are opportunity to exit long.
Bear Market Trend could be supply is more than demand in current context of the physical stock in current scenario.
Reversal can happen only if breakout and close above 3700 is witnessed and broadly till then spike up could attract short covering from price angle which could still an opportunity for selling.
Conclusion
Prices are at critical level of 3100-3000. If recovery has to happen then it could be now alternatively a slide to 2600-2500 could be seen in near term to short thereby continuing the bear market trend that has been witnessed since September 2016.
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