On the weekly chart, the index has retaken rising trend line last week, but has failed to pierce through slanting inverse head and shoulder neckline level.
Even if the breakout happens this week, the question is will it matter? I would not give much importance to the formation…simply because inverse head and shoulder pattern is a reversal pattern, which needs to occur at the bottom of the trend and not around the top as can be seen now.
The real bullish break would a weekly close above the falling trend line (red). On the lower side, a break below rising trend line – black would suggest a re-test of right shoulder bottom of 7029.41 levels.