Technical: Barley jaipur- Up Trend In Progress

Dated 13/02/2017

Barely Jaipur- Last Close-1800: Up Trend In Progress

(Monthly Chart)

Wave e is in progress with inverted wedge or expanding movement.

Further rise can continue above 1826.

Correction can be witnessed below 1785.

Trend is up currently therefore the momentary bias for rise above 1826.

If that happens then expect a rally to continue towards 2030.

Correction levels will be the retracement of the rise from wave d low of 1130.

The earlier breakout point is 1690.

Trend up and is potentially look for a rally towards 2030 in medium to long term with volatility.

Correction down to 1690-
1660 can be the support and extended correction levels can be 1560 and 1487.

But for the time being rise can continue above 1826.

Conclusion

For extreme near term the stop loss for long position or to lock profit on long position can be 1785.

Rise above 1826 will mean a rising phase to continue with volatility for 2030 in short to medium term.