Daily ChartBullish Observations
- Moving Averages bullishly aligned on all charts.
- Oscillators on daily and intraday charts strong, daily macd moved above zero line in buy mode.
- Breakout from falling channel confirmed with huge white candle giving a target of 4810.
- Having scaled the 61.8% retracement levls of fall from 4693-3918, clearing 4693 is a strong possibility.
- Advance Decline figures is strong.
- Rising wedge on half hourly charts, break down of which could lead to some correction.
- Trendline joining January 2008 peak and recent high at 4693 will be strong resistance.
- 61.8% retracement of fall from 6357 to 2252 offers resistance at 4788.
- Rise has been too sharp so possibility of a correction is high.
Happy Trading !!