Weekly Chart
Daily Chart
The short term has turned down with the 5/20 ema crossing bearishly.Close above the 50 and 200 ema and the 20/50/200 ema remaining bullishly aligned keeps the medium and long term bullish.The gap at 5261-5216 has only been partially closed which shows the gap as good support.
The bearishness of the shooting star on weekly charts has been confirmed by a bearish candle this week indicating more selling to come.The resistance line of the red triangle has been held and the low of 5032 still unviolated.keeping the medium trend up.
In the immediate term a trade above 5300 will be bullish and a break below 5200 will be bearish.
Half Hourly Chart
A 50% retracement of the last leg up from 5032 is over.This should lead to a resumption of the uptrend if bulls are active.Positive divergence on half hourly charts and daily stochastics in the ovesold region could lead to a pullback.Retracement levels marked on chart above.
A 50% retracement of the last leg up from 5032 is over.This should lead to a resumption of the uptrend if bulls are active.Positive divergence on half hourly charts and daily stochastics in the ovesold region could lead to a pullback.Retracement levels marked on chart above.
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Lakshmi Ramachandran
www.vipreetsafetrading.com
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