Weekly Chart II
- Sideways trading continued this week too.
- A lower high and lower low candle with the close below last week's close.
- The fall from 11978 to 10340 was able to recover just about 40% and seems to have resumed the fall.
- Volumes extremely low and breadth negative.
- Trade below the uptrendline from March 2009 for the fourth week.
- Low of 10340 made on week ended 27th May held.
- Low of 10017 made on 11th Feb still not violated keeping the medium term trend UP.
- 100 wema which is a good support during uptrends is still unviolated.
Negative pointers tell us a correction of the rally from March 2009 is on. The positive ones too support this view. Till the positive points are violated, the possibility of the uptrend resuming remain.
A move above 11056 or below 10340 is needed to set the momentum up or down.
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