To consider the price action, we have plotted down angles from the highs. We have also plotted up angles from the lows of Dec 13 along with the 1*8 up and down angle from the highs of 19th Nov 13.
Currently, we are resisting the 2*1 down angle from the highs. Also, we are trading just below the 3*1 up angle. At this juncture, we are under the influence of a no of angles and as such the long term picture is not very clear. However this is a very good scenario for day traders, where they can get in and out at different angles. For long term investors, we recommend staying on the sideline for the moment. We recommend not to get into a position until one of the angles mentioned the chart is breached.