Technical: Mumbai Lemon Toor - Critical Support Band 4975-4240

Dated 03/12/2016

MUMBAI LEMON TOOR (Price-Rs.Kg)

Critical Support Band 4975-4240




Larger Degree Wave B is in progress.

Internal of Wave (a) could be terminated at or around 4977.

Current last closing as on 02/12/2016 is at 5575 and likely to test 4977 or oscillation around it to latter end the Wave (a).

Confirmation of the same is awaited which may happen in due course of time.

Support will be at 4975-4240 is the zone where Wave e of Wave (a) could end.

Subsequently, a pullback may emerge.

For the time being the objective of the price movement is to test the zone of 4975-4240 before moving higher.

The short term band of volatility is likely to 4240 to 7400.

Conclusion and strategy

Lower range of 4975-4240 is likely to be tested. Accumulation in the zone can be undertaken.