The adjacent chart shows price movement of NCDEX chana 2-month contract. It has formed short-term correction, which has retraced 50% of the previous up move. Near the key Fibonacci level it found support at various parameters. From there the agri-commodity has started the next leg up. The short-term momentum indicators are in bullish mode. From a short-term perspective chana is expected to test the high of Rs.3,287. Once the high is crossed it will be poised for a larger upside. The subsequent level on the upside will be Rs3,458. On the other hand, Rs.3,090 and Rs.3,034 will act as a key support zone.
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