The price of Chana fell sharply from the highs of Rs 3700 levels during the last week.
The correction took the price its key support levels established by the Fibonacci retracements and moving average clusters.
One can clearly see from the chart above, that the price gave a smart bounce from these support levels and this led to the formation of a two bar bullish reversal pattern on the daily charts of Chana.
These technical factors suggest that the price of Chana is likely to give a pullback and thus test levels of Rs 3275 / Rs 3355 levels over the upcoming week.
We recommend traders to buy 50% between Rs 3200--Rs 3180 levels and 50% on dips between Rs 3139--Rs 3120 levels with a stop loss placed below Rs 3089 levels for upside targets of Rs 3275 / Rs 3355 levels expected to be achieved over the upcoming 3-4 sessions of trade.
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