Weekly Chart II
- Lower high lower low candle for the week.
- Breadth negative.
- Long upper shadows since two weeks showing selling on rises.
- The fall from 5944 to 5328 was able to recover just about 40% and seems to have resumed the fall.
- Trade below the uptrendline from March 2009 for the fourth week (green dotted line).
- Small bodied candles since the last five weeks on extremely low volumes indicating selling momentum is waning.
- Low of 5328 made on week ended 27th May held.
- Low of 5177 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 5740 or below 5328 is needed to set the momentum up or down.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!