Back to back “Gravestone Dojis” are traced out at 18.477 and 18.546 levels on daily plotting. As a result, the bulls have rejected at resistances upon the appearance of these shooting stars at peaks which are in nature. Thereafter, you could see steep slumps to the current 16.995 levels.
Since these patterns have appeared exactly at crucial resistance areas of 18.763 and 18.522, and the current prices are still holding stronger at this juncture.
has been converging accordingly with every dip and to the declines ever since it has formed shooting stars.
For now, the current prices have dipped below DMAs in the recent past, consequently, the current prices hit the 4 and half months lows.
While both leading and lagging indicators are indicative of bear swings may be extended on both short and medium term, more evidently on daily has shown a crossover below zero level that has signaled further environment.
On broader terms, the failure swings were observed at resistance at 21.328 to push below EMAs on monthly plotting.
While on monthly price behavior which was in consolidating pattern now again sensing weakness and in the mood of major downtrend continuation.
The current monthly prices have been attempting dip below curves which means even though today’s current prices are seeing little upswings the major trend is most likely to encompass medium-term downtrend and with short-term obstacles.
We don’t think it would be fair to expect a steep recovery in the long lasting bear trend that we've seen since October 2012.
To conclude, the short term trend looks like quite struggling, we encourage shorts in contracts of mid-month expiries for targets of 15.928 levels but maintain a strict stop loss of 17.689 levels.