Daily Chart II
Half Hourly Chart
- Inside day--indecisive day of trading, but maintained the breakout from the channel.
- Breakout from bullish flag shown on intraday charts.Pole of the flag measures 5260-5123=140 points. That gives a target of 5242+140=5380.
- Falling wedge target is 5422.
- Strong resistances around the 5300 levels shown on Daily Chart II.
Bullish breakout gives weight to the continuing of the uptrend. Inside day questions the continuation of the uptrend , requesting a break of the high of yesterday at 5260.Advance Decline line reiterates this point of view. Oscillators are strong and reached oversold zone on daily charts.The uptrend seems to have taken the shape of a rising wedge, shown on daily chart II, which is a bearish pattern
Booking partial profits would be a good idea and keep a stop loss of 5200 on longs.
Happy Trading !!