Weekly Chart II
The "Inside" pattern shown last week on weekly charts, which has the upper end at 5608 and lower end at 5308, is intact with the trading remaining within the range.The bear flag shown is shown in green which is bearish and an ascending triangle as shown in the second chart is bullish. Support line for both is the same.Resistance at 5621 and support at 5340.Ascending triangles indicate consolidation with an upward breakout. If supports 5340-5308 breaks then expect a rapid fall to 5100-4900.
Daily Charts give the same picture in a magnified form. The 5 day rise from 5232 to 5608 has been retraced just over 61.8% in 10 days. This raises hopes of a bottom having been made at 5232. The bearish engulfing pattern made on Friday 18th, could well be a bullish sign -- the last gasp sellers create a bearish engulfing pattern which usually is followed by increased buying. Watch activity at supports 5350-5320-5308 to see if buying support comes in. If the supports do not hold then the double top at 5608 which I have been showing on half hourly charts will come into play.
Half Hourly Chart
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