This time, I am taking the hourly chart to Analyze.
First look at the action yesterday. By 7.30 IST, after reaching the peak point of 10613, it underwent a bearish engulfing pattern (Box A) which sent DOW to a low of 10172. Look at the last three hours of action in yesterday’s trade. (Box B). It has formed a bullish pattern.
The Futures trade after yesterday’s close shows a
At present it looks like a continuation patter with a potential breakout. This breakout can take place at any time, probably during our 2.30-3.30 PM trade, which can compensate the present weak weakness in markets.
We will re-analyze any change in the price action later; after confirmation preferably.
