The week finally ended favouring the bulls as buying support came in at 4530 and closed above the inverse head and shoulder neckline band of 4650-4700. However the lower top lower bottom since last week continues. Oscillators have started moving up after moving below July lows.
A well formed rising wedge is now seen. Just to refresh memory, Wedges are longer-term patterns, often witnessed on weekly charts. They can be powerful continuation or reversal patterns. A strong preceding trend makes a stronger signal.A rising wedge is formed by higher highs and higher lows. A bearish signal, the pattern is normally a continuation signal in a down-trend but acts as a reversal signal when encountered in an up-trend.(courtesy Incredible Charts)
Support is at 4592. So long as this support is not broken, we have a sideways to up market.
Happy Trading !!