Daily Chart
So now the right shoulder of the bearish head and shoulder seems to be forming. The downtrendline from the recent high of 5944 has proved very difficult to cross. Resistance is now at 5507 on this trendline.Support on the downtrending channel is at 5412. All daily emas 5,10,20,50, 200 are bearishly aligned once again. Volumes continue to be low supporting the fact that the slow grind down is more due to lack of buying interest than conscious selling .
Half Hourly Chart
The previous low of 5437 held for the day keeping traders guessing whether the right shoulder of the inverse head and shoulder is still forming ? Resistance at 5508-5498. Supports now at 5437-5412-5404-5387-5330.Wait patiently for the break out or break down.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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