An evening star pattern was completed today.This is a bearish reversal pattern and may have extremely bearish implications.Having occured at the resistance of the 200 dema and with the stochastics in overbought zone the rally may be in danger.
Squeezed between the converging trendlines showed narrow range which ultimately broke down below the support line indicating bears are still active.Bulls need to maintain the Nifty above 5044 to asert themselves.Oscillators Rsi14 and stochastics show further downside possible.
Half Hourly Chart
Half hourly Charts show the fibonacci retracement levels in green.The 4995-5015 area should hold else the rally may be in danger.
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