As outlined in the chart above, the price of Chana is currently trading in a well defined rising
channel on its intraday charts.
But, the key observation to be made is that, the MACD indicator has been continuously trading in sell mode despite the recent rally in price. Hence, we believe that the price of Chana could go through a corrective phase once it breaks down the ascending trendline support on a sustained basis.
Thus, traders can go short on a sustained breakdown below Rs 3313 levels. We recommend traders to sell on a sustained break below to Rs 3313 levels with a stop loss placed above Rs 3357 levels for downside targets of Rs 3262 / Rs 3240 levels.
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