Dated 18/01/2017
Sun Flower Oil- Kakinada Last Close-710 (17/01/17): Sideways Correction Mode For Near Term
Resistance is at 725.
On rise above 725 expect Sun Flower Oil prices to move higher towards the 0-b trend line which is around 765.
Support is at 700-688.
Correction will continue for Wave c on fall below 688.
In that case retracements of the rise from 580 to 740 are at 680 and 657.
The fall can be for Wave c or if breakout above 725 is witnessed then Wave c terminates at 688 and Wave d will resume towards 765.
Conclusion
Accumulate at retracement level of 680 and 657 as and when the opportunity arises.
Traders point of view expect momentum above 725.