Daily Chart with Oscillators
Inside day. Indecision. Range of yesterday's candle was 5506-5452. Bearish pointer was that trading for the entire day was in the lower part of the range.The recovery was just around 23.6% of the fall of the last 3 days.Bullish pointer was yesterday's low was not violated and thus the 50% fibo level of the rise from 5372 held. The support of the 20 dema too held well.
Volumes were high and breadth marginally negative.
The oscillators on daily chart have been showing negative divergences on the one hand .They have moved down without reaching over bought levels. On the other hand, they are also showing strength with the RSI 14 having held support at 52 during the pullbacks since July 2010.The stochastics too has not gone below the 20 mark. Macd is above zero line. Time to be cautious but not a time to be bearish .
Supports are at 5460-5440-5430-5393.
Resistance at 5490-5501-5512.
Happy Trading !!