Daily Chart
An Inside day pattern after an Outside day pattern. The outside day pattern came after a very short term downtrend and encompassed three day's trading range,indicating short term sentiment could change. However, today's Inside day shows the bulls have already exhausted themselves and the upside momentum has waned.
The bear flag, a bearish pattern, which as discussed in earlier posts continues to form in a classic textbook fashion.
The 5,10, 20 dema are all bearishly aligned with each other and the 50 and 200 dema which points to weakness.The fall from 5908 has been retraced only by around 25%
All daily oscillators exuding weakness.
Half Hourly Chart
The bear flag and a possible right shoulder continues to form.The pink uptrendline from 5177 lows is now resistance at around 5506-5508. Support on bear flag support line at 5482-5487 and green trendline at 5472-5475.
Break below these levels will find support at 5443-5348-5335, all levels shown in earlier posts. You may view it here http://vipreetinvestments.blogspot.com/2011/05/reigning-nifty-12th-may-2011.html
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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