8 Feb 2021 ● 08:34 AM
The recent pullback in RM seed on the NCDEX appears like the flat correction, marked as ABC, with internal waves as 335. Generally speaking, it is a sideways consolidation pattern that may be complete in wave 2. Now wave 3 circle should be starting and we may be in the 1st wave of that move. Prices are trying to get past the 20 DMA near 5864, above which the next resistance will be the double top at 6364. After that, the top end of the rising channel goes all the way to 7284.