A higher high higher low candle for the week breakoing out of the short term down trendline from 5629.Held the uptrendline from December 2011 lows.Oscillators have started showing strength above their mid points once again.The breakout from the flag is bullish and the right shoulder seems to be forming well.
The breakout from the flag has not been decisive as is evident from the daily charts wherein the Bank Nifty has been making lower high lower low bearish candles after the breakout and tested support on the resistance line of the flag.The high made after the breakout at 10645 needs to be taken out for further upsides.10384 is the key above which further upsides and below which down to sideways action.
Half Hourly Chart
The rising wedge on half hourly charts has not resolved one way or other yet.Rising wedges by nature is bearish and should resolve with a break below the support line.Break of 10387 should be an early warning of the breakdown.
Conclusion : The higher time frames have shown breakouts which are not very convincing. The trend following Emas are all bullishly aligned. Oscillators are in neutral area. Remain cautiously bullish.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!