Technical: Guarseed Bikaner Spot - Consolidation For Bull Market Likely

Dated -23/09/2017

GUAR SEED SPOT BIKANER- Last Close- 3727.50 : Consolidation For Bull Market Likely

Daily Chart



Fib Fan Breakout already witnessed in August 2017 as it registered a high of 4032.

Correction is being witnessed for consolidation as it is testing back the trend line and retracement levels.

Retracement levels are placed at 3650 and 3500.

Resistance is at 3810 and 4100.

Whenever the breakout and close above 4100 is witnessed then expect a rally to 4800-5000.

Support and consolidation can happen at current level to 3500.

Weakness is below 3500 for slide to 3100-2900.

For the time being prices are above the Averages which suggest that up trend has resumes and correction to averages is being witnessed.

Average are placed at 3594 and 3626.

The 55 VA is above 89 VA which suggest bull market possible for short to medium term once consolidation is seen at current level to 3500.

If resistances are crossed then upside momentum in uptrend could be seen.

Conclusion
Consolidation above 3500 could lead to a bull market rally for 4100, 4800 and 500.