Weekly Chart
Bullish Indications : Classic retest of the downtrendline from Novemebr
2010 highs.Bounced from the 40 wema and 38.2 % fibo level making a long
lower shadow showing buying at lower levels.40 and 100
wema given the golden cross once again. Macd continues to give an uptick
and Rsi14 too given an uptick once again.
Bearish Indications : Lower high lower low candle.Stochastics moving down in sell mode.Volumes low on the bounce.
Bearish Indications : Lower high lower low candle.Stochastics moving down in sell mode.Volumes low on the bounce.
Daily Chart
Daily Chart II
Bullish Indications : Close above 20 dema. Bounce from the 50 & 200 dema.The breakout from the down trending channel since November 2012 intact.The golden cross of the 50 and 200 dema intact.Gapped up on Friday and closed above it too.Flag pattern given a bullish breakout.Stochastics has given a positive divergence in the oversold level and Rsi14 started moving up above the 50 mark.
Bearish Indications : The short term averages 5 & 20 dema still in a sell.
The bounce before reaching the 38.2 % fibo level of the entire rise from 7766 and flag breakout shows bullishness.Buy on dips.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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