An outside day pattern was formed which is a signal for reversal.An outside day occurs when one day's high is higher than the previous day's high, and its low is lower than the previous day's low. If trades and closes above the high of the pattern at 5264 then a short term reversal would be in place.
The gap down on the open was closed and the close above the 200 dema after breaking it intraday is a positive.
Half Hourly Chart
Right shoulder formation still valid.Recovery efforts resisted at the 38.2% retracement level of fall from 5378 to 5191.Must cross above the 61.8% level at 5306 to get the bulls confident.Till this happens and the neckline of the inverse head and shoulder is crossed it is advantage bears in the short term.
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