Daily Chart
Daily Line Chart
Finally a break above the 50% retracement level (6338-5690) and a close above the strong resistance of 6010 which I have been showing on Line charts. The double bottom at 5752 and 5766 clearly visible on the line charts gives a target of 6257.The double bottom at 5690-5721 on candle charts will be confirmed only on a close above 6070.The 20 dema has crossed above the 40 dema which is another bullish sign.
Half Hourly Chart
The ongoing upmove is in channel and has resistance at 6120-6136 and support at 6006-6022.
Resistances are many around 6070 to 6144. A cross above these levels is required to defeat the bears completely.One can be cautiously optimistic with a stop of 5980.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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