Weekly Chart
An Outside day was formed on Weekly charts which could be signalling a reversal or deceleration of the current trend.An Outside day is when the current candle completely encompasses the previous candle.It must have a higher high and a lower low compared to the previous day.
Negative divergences on oscillators seen since few weeks add to the evidence of the reversal argument.
Daily Chart
The candle on daily charts should be a hanging man taking into account the bearish evidences seen on weekly charts. However having taken support above previous top of 15432 at 15450, the bulls seem to be strong too and the candle could be a hammer.
Tomorrow's candle will confirm the strength of either the bulls --a close above highs of 15761
or the bears -- a close below 15450.
Hourly Chart
More evidence needed to tilt in favour of the bears as the trend is your friend and the trend is still up.
However with bearish signs showing one needs to trade light with neutral strategies till more clarity is seen.
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Happy Trading !!
Lakshmi Ramachandran
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