31.03.2011_Thursday

30 min chart

Price has reached the ML at the range expected between 5830-5860 with high of day at 5872.The afternoon session was volatile on settlement day and EOD it recovered from day's low which went below yesterday's close.The close is positive on EOD basis but the high of today met a lot of resistance levels and the tug of war was expected.Closing below 5780 will confirm the correction to the recent rally.

The parallel swing line drawn from todays high to the Lower median line parallel indicates the support at 5600 levels.This is also the 50 % retracement of current rise.Holding 5600 we should move upwards to higher targets.

Stoch readings have moved down and indicates the correction in prices has set in.

Strategy is to look for pullbacks to short with strict stoploss.