Weekly Chart
Daily Chart
The weekly charts and daily charts show an Inside Day pattern which indicates indecision.Momentum will pick up in the direction of breakout.The weekly levels for this pattern breakout is 1173-1207 and daily levels are 1183-1198.
The daily shows the sideways action since 1173 low as a pennant defined as, two converging trendlines that form a narrow, tapering flag shape, more of a horizontal move rather than one with a downtrend or uptrend. Pennants are continuation patterns thus suggesting that the downtrend which started from the 1227 high is likely to continue.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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