Weekly Chart
An Outside Day pattern was formed.The high is higher than the previous day's high and the low is lower than the previous day's low. Outside days are reversal days. It is a two-period pattern that suggests a potential reversal or deceleration of the current trend which is Up in case of the S&P500. A close below the low of the pattern, 1329.24, would signal a reversal.The stochastics in the overbought region is ripe for a pullback supporting the Outside day view.
Daily stochastics showing strength and yet to reach the overbought territory. The pullback may therefore continue before taking a dip
Daily Chart
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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