Half Hourly Chart
Daily charts show a hammer pattern formed as per the candlestick theory.This is a bullish pattern with confirmation necessary from the next day's candle with a minimum requirement of maintaining the low of the hammer. Oscillators too oversold on daily supporting the view.
On the half hourly charts the 5 and 20 ema have been desperately trying to maintain a buy but have failed and whipsawed several times.The 20 and 50 ema have been in a sell for almost a 1250 point gain to the bears.A pullback is due soon and one needs to book partial profits on shorts.
Breaking out of the falling wedge and a close above the latest peak will be the first sign of a sustained pullback.
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