Weekly Chart
Weekly Chart II
Daily Chart
Weekly charts show weakness resuming with a lower high lower low candle. The reaction last week from 50% fib levels to the rise from 1101 too points to the fact that the rise was just a pullback.
The daily chart is still in the yo-yo position within the bear flag, now at the support line. Bear flags are continuation patterns which should normally break in the direction of the prevalent trend which is down.
Weekly Chart II though, shows a positive divegence in the stochastics which is in buy mode.The Rsi14 too has moved up from oversold levels which point at a possible recovery. Oscillators on daily charts are below the 50 level which shows weakness.
Weekly charts have started showing some positive signs so expect a short term bottom to be hit soon.
Supports are at 1120-1101-1075 Resistance at 1168-1180-1190.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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