Dated 15/12/2017
Castor Seed Deesa - Last Close - 4350 - Correction/Consolidation In Progress
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No change of view over previous update is noticed as price movement is in similar range for corrective sideways movement.
Retracement for rise from 2950 to 4965 is placed at 4154-3907-3674.
Bull market is in place as 55 VA is above 89 VA.
The averages are placed at 4253 and 4116.
Further rally is above 4965.
On breakout and close above 4965 expect 5660 and 6120.
Correction that is being witnessed currently is for Wave 2 of Wave (c) or Wave b of Wave (e).
Once the current confirmation of correction is complete expect a rally to 5660-6120.
Accumulation and support at retracement level of 4154-3907-3674 can be witnessed from medium to long term perspective.
The view for medium to long term is for higher price unless sharp fall and close below 3674 is witnessed.
Conclusion
Long term trend appears to be up and correction in near term to short term appears to be opportunity for accumulation.
Physical may accumulate at lower prices and rally with volatility of higher top and higher bottom formation is likely to be in place.
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