18.02.11_Friday

60 min chart

The price met the resistance at Orange median line at 5550 levels as projected earlier.It has moved down past 20 ema also.Drawn a schiff median line for projecting support levels.For monday minor support at 5400 levels expected-this corresponds to 50 % R of prev swing + approx 50 sma levels.If minor pullback/ price retest of Orange ML to form a lower high happens on getting supported at 5400 , enter short positions again .Stoploss will be at high of testbar on Orange ML.

The probable supports further down are at 5230 - 5190 levels( schiff lower MLH and Orange Lower MLH.Support line projected from earlier low of 5170 levels gives us 5100- 5070 levels to look out for.

If price gets supported at 5190 levels it will be a double bottom for the upmove to commence again.

Daily Chart

After reaching low at 5185 levels, the upmove past one week has halted at 20 ema levels/ Red Median line.A higher low is to be formed for the positive uptrend to continue , so the pullback supports - Fib R levels to be closely watched out for.As per 60 min charts the support at 5400 levels should hold or else price can slide down to reach prev low and further down to 5100 levels.

Tracing a similar parallel downmove from today's resistance level at the Red Median line, Lower levels at the red Lower MLH + longterm trendline junction corresponds to 5100 levels.If price reaches there it will form a double bottom and positive action will continue the upmove.