Half Hourly Chart
Today's candle is the classic shooting star which is bearish when occurs after a strong uptrend. Physical features are long upper shadow with a small real body at the lower end of the candle.The candle depicts that higher levels found sellers outnumbering buyers. The reversal of trend is confirmed when the next day is a bearish candle with huge real body.
The sensex resisted exactly at the upper trendline of the rising wedge . This calls for caution since the candle formed at the resistance is a shooting star.
Intraday oscillators moved down after negative divergence and have not yet reached oversold levels. Daily oscillators are in neutral territory except the stochastics which has given a buy from overbought region and show negative divergence. This indicates possibility of further fall.
Moving Averages are still bullishly aligned .
In the present scenario, I would hedge my longs and take a view after the weekly closing tomorrow.
Happy Trading !!