It was a day of consolidation after the sharp run up , with a higher high and a higher low on Daily Charts. Overhead resistances are many, so good momentum and volumes are necessary to overcome them. The Daily Oscillators are strong and that of half hourly charts are in neutral zone. We can expect consolidation for some more time till the intraday oscillators are oversold.
I have drawn a new downtrending channel shown in red, which I would be following , rejecting the channel earlier drawn, shown in blue on the second Daily Chart. This is beacause the new one is more well channelled.
All relevant levels shown on charts.
SOURCES : ORF
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