Weekly Chart
This week's candle is a long legged doji.
It clearly
indicates that the bulls and the bears are at an equilibrium, a state of
indecision. The Doji, appearing at the end of an extended trend, has
significant implications. The trend may be ending.
Redrawn the falling wedge which has resistance at 1356.If the resistance is respected then the short term uptrend may have ended and the next leg down may have started.
Stochastics shows more room on the upside and the Macd is positive too. Rsi14 though shows signs of topping.
Daily Chart
An Inside day pattern occured which shows indecision.The candle could not even penetrate through the
50 % level of the long bearish candle of the previous day showing it may have been just a dead cat bounce. Strong support at the 1315 level.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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