Daily Oscillator Chart
Coiling on Half Hourly Chart
- Inside day and a doji indicating extreme indecision.
- Lower top , lower bottom candle indicating .bulls not very active.
- Daily oscillators have broken below their respective trendlines from August lows which is a bearish indication.
- Daily Macd in sell since Tuesday, 6th October.
- Head and shoulders pattern forming with neckline at 4929. This now coincides with the uptrendline from March 2009 lows, making it a very improtant support.
A range has been established between 5110 and 4920. Till one of the boundries is not taken out trading will be difficult . The triangular coiling clearly visible on intraday charts is leading to a lot of whipsaws.
Weekly supports are at 4980 and below that at 4830.
The markets are undecided as yet and so the startegy of remaining neutral continues.
Happy Trading !!