Daily Line Chart
The breakout on the line charts did not lead to bullishness. Looks like a retest of the downtrendline is in the offing. Support on this trendline is at 5860.The candle charts show a lower high lower low candle which proved the breakout above the 38.2% fibo level of the fall from 6338-5690 and 61.8% fibo of fall from 6070-5721, false.
Half Hourly Chart
The Half Hourly charts show an equilateral triangle forming making it all the more difficult to predict the short term direction.The triangle has resistance at 5934-5918 and support at 5734-37.The fall from 5954 has taken support by making a bullish hammer exactly at the 38.2% fibo level as shown on the chart. The hammer has been confirmed by a bullish candle in the last half hour.
Weekly support on uptrendline from March 2009 lows is at 5810. The 61.8% fibo level of rise from 5721 to 5954 is also at 5810 making it a strong and important support. Daily 5,10,20 & 50 dema are all in bearish alignment and are between 5901-5950 creating resistance. 5963 is the resistance from the downtrendline drawn from 6338 on daily charts.A close above 5950-5965 is necessary if the uptrend is to continue.
Supports at 5865-5838-5810-5734. Resistance is at 5914-5934-5950-5965.
Happy Trading !!