Daily Chart
Half Hourly Chart
Positives were a bullish engulfing candle made at strong resistance of the downtrendline from 5629 and a close above it.As explained in various posts earlier the bullish engulfing candle needs a follow up tomorrow as it could be the last attempt by the
"hopeful" bulls who are buying once more at the top. This signals that the
trend is about to end while the "left outs" are still buying the wrong
way.The uptrendline from 4770 maintained after precariously slipping below it most of the day. The 200 dema at 5150 will be strong resistance
Negatives were the range on the upper side remained the same thus making a potential double top for the very short term.
Half Hourly Chart
Till 4995 is not broken the rally has good chances of continuing.The rising wedge shown on the chart above may be a dampner with it's bearish implications.Watch out for a breakdown from it's support line !
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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