Weekly Chart
A good bullish follow up candle for the week on good volumes but falling breadth.Negative divergence continues in Rsi14,Macd and Roc12.The oscillators have however started moving up and macd continues to be in buy. The three bull candles in a row speak of a strong uptrend. At this juncture it is better to keep supports in mind and trade with sensible hedging to enjoy the ride, as liquidity driven rises can go to any heights. Support at 5860 and Resistance is at 6129.
Daily Chart
Daily Charts show a range formed in the last four days between 5932 and 6037. The steep channel has still been maintained. The support level though is going higher at a steep rate by the day which will be difficult to maintain thus should result in a sideways or downward correction soon.This does not mean going short. I would not , till a good close below 5350 which is the intermediate swing low.Oscillators Rsi14 and Stochastics are overbought.
Half Hourly Chart
The half hourly charts show a bullish breakout from the falling wedge shown on Thursday.Support was taken at the 38.2% fibo level which is also a bullish signal. This could give a move till 6193.Half Hourly Chart
Daily Chart II
At last successful at drawing a bearish pattern -- a rising wedge with support at 5920 !!
Supports are at 5966-5951-5920-5874. Resistance at 6037-6050-6100.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
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Madhu
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