On daily charts, markets closed near the highs and also the week's highs... this is a bullish sign. On the other hand, there is probable hanging man (bearish).
On weekly charts, I have now done away with the expanding triangle. Hints on this were posted 3 weeks ago as it is rare to see a triangle with 4 contact points on one side.
Now we have two support levels... one is weekly low at 6510 and other is deeper support/ swing low at 5970 levels. First sign of a trend reversal will complete reversal of this week's rally in next week... i.e. close below 6500.
Option writing points to support at 6500 and resistance at 6700 levels.
On weekly charts, I have now done away with the expanding triangle. Hints on this were posted 3 weeks ago as it is rare to see a triangle with 4 contact points on one side.
Now we have two support levels... one is weekly low at 6510 and other is deeper support/ swing low at 5970 levels. First sign of a trend reversal will complete reversal of this week's rally in next week... i.e. close below 6500.
Option writing points to support at 6500 and resistance at 6700 levels.
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