Pattern – Falling trend line intact, possible inverse head and shoulder formation ahead
Support – 159.35, 152.70, 148.25
Resistance – 162.63 (50-DMA) 177.55 (10-DMA + falling trend line), 183-185 (possible inverse H&S neckline
Support – 159.35, 152.70, 148.25
Resistance – 162.63 (50-DMA) 177.55 (10-DMA + falling trend line), 183-185 (possible inverse H&S neckline
- Again, failure to take out falling trend line resistance if followed by a daily close below 50-DMA would add credence to the bearish move and expose support range of 152-148.
- Traders need to watch out for a possible rebound either off 50-DMA or from the support zone of 152.48 as that would increase odds of an inverse head and shoulder formation with neckline at 183-185 levels.
- On the other hand, a break below 148.25 would negate the possibility of Inv. H&S formation and increase odds of a drift lower to 143.95.
