Doji star formed at the downtrendline from 11226.This shows indecision and a possible reversal of trend. If the next week opens below this week's close bears will get the upper hand.Oscillators are still showing signs of continuing the upmove.Chart II shows an upward moving channel with support at 9257.If held the next leg up may be forming.If breaks the neckline support at 7647 will be in danger of breaking.
Daily Chart II
Daily charts show the downtrendline broken out once again.The breakout though was not decisive.Today's real body remained within yesterday's real body which is a bullish harami pattern.Appearing in an uptrend the signal given by the pattern could be of bullishness.Closing at the top range of yesterday's candle shows buying pressure.Stochastics moving down and the rising wedge shown in chart II however call for further fall.The 20,50 and 200 demas are still bearishly aligned.One therefore needs to be cautious on longs and keep a strict stop loss of 9800 the low of this correction made on thursday at 9813.
Half Hourly Chart
The short term trend is up with higher high higher lows and all the Emas bullishly aligned on half hourly charts.9800 will hold the key to further direction.
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