Daily Chart
Half Hourly Chart
Shooting star formed at neckline resistance.This is a
bearish reversal candle.Stochastics on daily charts in overbought region.
The half hourly charts show the red rising channel and
a green rising wedge broken which may lead to a test of the support line of the
larger blue up trending channel.Oscillators moving down after showing negative
divergence which may see further pullback.
The
support at the gap made on the way up at 5267-5216, the 50% Fibonacci level at
5271,61.8% level at 5244 and daily uptrendline support at 5251 should hold
well.Only a break below this will ring alarm bells of a reversal of the
existing bullishness.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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