Half Hourly Chart
- A higher high and a higher low continues but on falling volumes, breadth, and contracting range, forming a rising wedge which is bearish.
- Oscillators continue showing negative divergence.
- Support for the month at 4997 and resistance at 5487.
- A higher high and higher low but showing indecision in the doji's formed for the second consecutive week.
- Oscillators are weak after showing negative divergence.
- Volumes have been average.
- Support for the week is at 5198 below which the downward momentum could accelerate.
- Bullish candles since the last two days yet not been able to retrace completely the fall on the 28th April.
- Oscillators are weak and moving down making lower highs and lower lows.
- 5 ema is below the 10 ema showing waning bullish sentiment.
- 50 dema at 5199.
- Range contracting from 5400-5160 to 5342-5202 implying extreme indecisiveness. Expect blowout effect when these ranges are broken.
- Barring the 50 and 200 ema all other 5,10,20 are bullishly aligned.
- Oscillators are neutral.
Keep positions, long or short, hedged. 5200 should be the stop loss for longs and 5350 for the shorts.
Happy Trading !!