The Inside Day breakout was on the upside as indicated by the pennant.The break above the earlier high of 1131.23 was very marginal at 1131.47. The breakout though was disappointing as the close could not sustain abive the neckline which continues to be too strong resistance for the bulls.The bears put up a good fight resulting in a doji .
The 50 dema has bullishly crossed over the 200 dema once again . But till the neckline is crossed decisively and there is a consistent and decisive close above the earlier high of 1131, the bullishness of the crossover is suspect as proved on the two earlier occasions in July and August.
Bearish Head and Shoulders Pattern
If the bullish neckline is not broken out then this bearish head and shoulder neckline threatens. Support at the neckline is at 994.
Supports are at 1110-1096 and Resistance at 1131-1141.
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