Daily Chart
Half Hourly Chart
Yesterday I wrote " With the monthly charts indicating a breakout on the downside and a shooting star on the daily charts, looks like we need to observe these bearish patterns closely to cut longs/go short.If holds then we concentrate on the pennant breakout".
Well, breakout still awaited though levels have now changed to 10469-10070.The shooting star's bearishness was carried over forming a bearish candle for the day.OBV and Oscillators have now started showing weakness too having turned down.Stochastics given sell in overbought region and Macd given downtick below zero line.
Half hourly charts show rising wedge target of 9521 and the red neckline in danger at 10025-10015 for the day. Looks like we need to observe these bearish patterns closely to cut longs/go short.If holds then we concentrate on the pennant breakout.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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