Weekly Chart I
Weekly Chart II
Another week of sideways movement forming a doji. The close was within the pennant after breaking it intra week. The downtrendline from 13304 proved resistance yet again.Resistance for the coming week is at 11272.
As mentioned last week,the formation of a pennant right after the break down from a bear flag strengthens the bearishness.Both are continuation patterns indicating the downtrend will resume.The bear flag gives a target of 8100.Support line of the pennant is at 11196 for the week.The green fan line shows the possibility of melting down to the third line which has support at 10016.
Supports are at 11272-11196-10646-10420 Resistance at 10388-11451-11675
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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