- Moving averages are all bullishly aligned once again except the 20 and 50 period. However all the moving averages are below the 200ema reminding us not to go gungho about the rise.
- Oscillators are looking strong and reaching overbought levels.
- Bullish candle confirming hammer pattern.
- Stochastics in buy mode from oversold region. RSI 14 taken support at levels maintained since October 2008 and Macd at levels since January 2009.
- Moving in a downward sloping channel, a breakout from which would be very bullish. Resistance for tomorrow is at 4380 and support at 3938.
- 4190-4212 will be very strong resistance where we have the neckline and the 38.2% retracement level of fall till 3916.
- Moving averages are bearishly aligned .
Happy Trading !!