Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, March 31, 2019

Signs of caution

Weekly Chart

  Since the engulfing bullish pattern has  occured  during an uptrend , it may be a last engulfing top which represents the last gasp of the trend.  The test to see if this is the case, is, if the next candle closes below the top of the current (white) candle's real body i.e, a close below 11624.

The upmove from low of 10004 is corrective having already consumed 22 weeks as against the fall from 11760 to 10004 which took 8 weeks only.

Daily Chart 

The Daily chart too gave a bearish indication with a Hanging Man pattern signalling a potential peak in an uptrend.

Half Hourly Chart 

Negative divergences exist showing weakness in the upmove.

Monthly Charts

 The monthly chart however is bullish with a breakout from the range trade of past few months.

The trend continues to be up in all time frames.However some signs  in lower frame charts calls for caution.

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Happy Trading !!

Lakshmi Ramachandran

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