January 16, 2015

Market outlook

Trend is up with reversal level at 8380 spot.

Note expanding triangle formation on EOD charts... this is the bearish option and will come into play if markets break crucial supports. Here target for correction would be 8000 or thereabouts.

EOD charts:

Intraday charts: here previous day's last 20-30 min selloff is not fully retraced - in fact, today's entire move looks like a corrective move to yesterday's selloff in last 20-30 minutes.

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