A doji star, well depicted on the sensex, on weekly charts which signals reversal with confirmation on the next candle. Last weeks range of 5181-4942 was left undisturbed. An "inside pattern" formed , well conformed on the sensex. The positives to be taken was that trading was more concentrated towards the high of 5181 rather than the low of 4942.Oscillators are looking tired. I too am tired detecting rising wedges which are impotent. Anyway spotted another one shown in red . Further direction will be clear after break of last week's range.
Daily Line Chart
Daily chart show the third unsuccessful strike at the 5182 level . On the sensex a lower high was made. Line charts have already broken the recent uptrendline.Obv has broken below the low made on 7th .All the oscillators have been weak throughout this rally.Macd is ready to give a sell. The uptrend is still intact as all period emas are bullishly aligned. However the rise from 4538 has been sluggish , having taken more time in recovering to touch the previous high and being unable to scale it.
Advance Decline Line too is sluggish .
Half Hourly Chart
We now have a triple top at 5182. The rising wedge has support at 4965 and resistance at 5205.
The latest action has formed an ascending triangle, which is a bullish pattern
Chameleons can trade long with a stop loss of 5095-5105 which are the levels of the lower trendline of the triangle. Positional longs can keep a stop at 5051 which was the last significant low made.
Happy Trading !!