An Inside Day which made pigs out of bears and bulls alike.High of 5874 and Low of 5711 to be deciding levels for further action. Like I said yesterday, still a lot of work necessary to put the bull rail back on track. The first being a cross above the previous peak of 6181, failing which get ready to get on to the bear rail once again.All demas , 5,10,20,50 are in bearish alignment.
Daily Line Chart
Line charts had a close exactly at the November 2010 low making a perfect decendling triangle. Either one more leg up to touch the resistance line around 6100 or a break of the support line at 5752.
Resistance at 5874-5883-5939-5997. Supports at 5832-5806-5787-5767.
Half Hourly Chart
The right shoulder as of now is extremely malnourished making it easier for bears to break the neckline at 5700.A move above the downtrendline at 5842-5801 should make it easy for the bulls to put up a fight.The forming of a pennant , which is a continuation pattern , points at a break on the downside.The move if breaks down will be equal to the move before forming the pennant.
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