Technical: Moong Jaipur Spot: Critical Support At 4000

Dated 09/10/2017

Moong Jaipur- Last Close - 4550: Critical support at 4000

Weekly Chart



Lower top and lower bottom formation is being witnessed. Bear Market is in progress as 55 VA is less than 89 VA.

Oscillation around both the averages witnessed suggests sideways movement. Critical level from here on is the swing bottom for continuation of the bear market.

The swing bottom is 4000.

The lower top is at 5000.

A rise and close above 5000 can mark a reversal.

Breakout and close above 5000 is essential to show a rally otherwise any pullback towards 5000 will attract resistance and selling pressure.

Consolidation around can be witnessed around 4000 unless sharp fall and close below 4000 is witnessed.

Conclusion
Consolidation could be happening at lower level till 4000 is not violated.

But breakout and close above 5000 is essential.