Bullish candle for the month of January on high volumes and closed marginally above the 12 month ema.The 38.2% retracement of the entire fall is placed at 5221.The downtrendline from November highs is now at 5227.Thus a close above these levels will turn the trend bullish.
The stochastics has given a buy after a minor positive divergence.Rsi14 has moved above the 50 mark thus supporting a bullish view.
The daily charts have crucial resistance at 5231-5242 as shown on the charts thus making this area between 5221-5242 very strong resistance.Support now at 5132.Stop loss of 5250 on shorts and 5132 on longs.
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