Daily Chart
I mentioned yesterday,
"Supported well at the support line of the falling wedge and broke out
of the resistance line too.However a confirmation of the breakout should
be awaited tomorrow since it is not very convincing.Also the lower high
lower low candle sequence needs to change to higher high higher low to
change the bias from bearish to bullish".
The breakout and bullish harami mentioned yesterday was confirmed with a gapup which got partially filled with profit booking.A gap remains between 5216-5234 which will act as support.Took a broader view of the chart and realised the fall from 5348 could be the next leg down of the green symmetrical triangle.Watch out for support line of the redrawn flag at 5128 which could precipitate the fall and indeed form the down leg of the triangle.5160 nests the 50 and 200 dema which will remain solid support.
For the bulls the right shoulder of the inverse head and shoulder seems to be forming.Neckline is at 5348.
The breakout and bullish harami mentioned yesterday was confirmed with a gapup which got partially filled with profit booking.A gap remains between 5216-5234 which will act as support.Took a broader view of the chart and realised the fall from 5348 could be the next leg down of the green symmetrical triangle.Watch out for support line of the redrawn flag at 5128 which could precipitate the fall and indeed form the down leg of the triangle.5160 nests the 50 and 200 dema which will remain solid support.
For the bulls the right shoulder of the inverse head and shoulder seems to be forming.Neckline is at 5348.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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