January 24, 2014

Weekly update

On weekly charts, markets are trading in an expanding triangle. This is a bearish pattern.

Within this, last few weeks have shown development of support at 6100 and selling at higher levels (circled).  Break of 6100 will invite further downsides. Not breaking 6100 will lead to a rangebound market.

Daily charts show weakness as markets opened gap down below the low of the previous bar. Close was near daily/ weekly low. This can have bearish implications.

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