The weekly charts and daily charts show an Inside Day pattern which indicates indecision.Momentum will pick up in the direction of breakout.The weekly levels for this pattern breakout is 1173-1207 and daily levels are 1183-1198.
The daily shows the sideways action since 1173 low as a pennant defined as, two converging trendlines that form a narrow, tapering flag shape, more of a horizontal move rather than one with a downtrend or uptrend. Pennants are continuation patterns thus suggesting that the downtrend which started from the 1227 high is likely to continue.
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