Yearly Chart
Yearly charts clearly show lack of upward momentum. The fall in 2008 has not been recovered in 2 years time!! The fall was sharp and so the bounce too has been sharp recovering 61.8% in 2 years. The 1999-200-2001 fall took 3 years and likewise the rebound took 5 years !
Monthly Chart
Monthly charts show 2010 as a year of consolidation between 1220 and 1010 and a final breakout to scale the 61.8% level of the 2008 fall.This is bullish and promises a target of 1330.
Weekly Chart
The weekly shows a cup and saucer formation, a little too V instead of U, which is a bullish formation which gives a target of 1795 ! On the other hand a rising wedge seems to have formed which is bearish.A move above 1322 will take us to the bullish target and a fall below 1130 will play out the bearish wedge.
Daily Chart
Daily charts show a mild reaction with supports at 1251-1242-1232.Resistance is at 1262.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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