Technical: Urad FAQ Mumbai - Reversal Witnessed

Dated 23/08/2017

URAD FAQ MUMBAI- Last Close-4900 : Reversal Witnessed

Weekly Chart

In last update, we had indicated about the swing bottom at the low of 4500.

In last fortnight, we have witnessed a reversal as the prices are now above the DRV-4712 confirmed the swing bottom and reversal.

As long as the bottom of 3500 is not violated any dip and correction from current level of 4900 or below could be opportunity for accumulation.

Expect 5279 to be tested and then can test the lower top of 6350.

Conclusion

Accumulate for near term pullback towards 5279 and 6350.

Minor correction to DRV-4691 is for accumulation. Further breakout and close above 5279 is essential to extend the rise to 6350.