Weekly Chart II
- Sideways trading with negative bias 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%.
- Volumes extremely low and breadth negative.
- Trade below the uptrendline from March 2009 for the fifth 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.
Chart II shows trendline from March 2009 low joining las week's low held. Support on this trendline is at 10591. A break below 10591 will find support at 10340-10017.Till the intermediate low of 10017 is held we may assume the fall to be a correction of the March 2009 rally. On the other hand till some basing activity is seen one cannot assume the current downtrend over.Crossroads.
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