The price of Chana has made a double top formation and fell sharply from a high of Rs 2553 levels during yesterday’s session. The double bottom formation is also backed by a negative divergence in the RSI indicator. Thus, all of the above technical evidence is suggesting a trend reversal.
Hence, we recommend traders to sell 50% on a break below Rs 2514 levels and again between Rs 2550—Rs 2560 levels with a stop loss placed above Rs 2573 levels for an initial downside target of Rs 2490 and further downsides towards the Rs 2465 levels can be seen on a break below Rs 2490 levels.
Try our calls on MCX Positional and Intraday
Hence, we recommend traders to sell 50% on a break below Rs 2514 levels and again between Rs 2550—Rs 2560 levels with a stop loss placed above Rs 2573 levels for an initial downside target of Rs 2490 and further downsides towards the Rs 2465 levels can be seen on a break below Rs 2490 levels.
Try our calls on MCX Positional and Intraday
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