Chart Pattern :
We have a Bullish Engulfing today in day charts . With that I also see that we have not yet broken out of the upper trendline as seen in the chart below
the more detailed hour chart shows the move from 4770 as follows
OF this (3) upwards we might have done the (3).1 at 5333 and now (3).2 should start to retrace this move from 5095 to 5333.
Presently we have closed above hour 5 ema , day 5 ema . Trend is clearly up ...
First indication of being in (3).2 will be a close below hour 5 ema and then 5 hour low ema as the momentum picks up.Also if this is the case then red upper TL on hour charts would act as resistance.
If we open flat then chances of (3).2 increases.
If not and open gap up or with a +ve bias , then we will draw TLs , supports , resistances and see how we can trade the day.
We have a Bullish Engulfing today in day charts . With that I also see that we have not yet broken out of the upper trendline as seen in the chart below
the more detailed hour chart shows the move from 4770 as follows
Presently we have closed above hour 5 ema , day 5 ema . Trend is clearly up ...
First indication of being in (3).2 will be a close below hour 5 ema and then 5 hour low ema as the momentum picks up.Also if this is the case then red upper TL on hour charts would act as resistance.
If we open flat then chances of (3).2 increases.
If not and open gap up or with a +ve bias , then we will draw TLs , supports , resistances and see how we can trade the day.
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