* Prices were trading in a brief consolidation 154.80- 172.50, but on Wednesday’s trading session prices break below the range. After a seven bearish candle prices on Friday’s trading session made a bullish candle which engulfed the previous bearish candle.
* Talking about the indicators they too are adding evidences to the bearishness in the price. ADX = 25 and –DMI > +DMI indicating prices to trend strongly on bearish side, similarly range sift in RSI and MACD breaking below zero line indicating momentum to be on bearish side.
* Price to remain bearish till 161 are not broken on the upside but the bullish engulfing is indicating we might see the throwback till 159-160 levels in short time frame.
* The throwback should give a selling opportunity and till prices sustain below 161 we might see prices testing 147 and 143 levels
* After breaking below the neck line placed at 216 of a double top pattern prices show a sharp sell off and all most completing the price projection target of the pattern. On Friday prices bounce back off their low and making a bullish engulfing pattern with a low of 207.75.
* The negative divergence between indicators and prices is indicating 232.70 to be a short term top hence increasing the probability of prices making lower top. A rising ADX = 32 and –DMI > +DMI indicating a bearish trend, further RSI breaking below the supports and MACD breaking below zero line indicating momentum to be on bearish side.
* Price to remain bearish till 220 are not broken on the upside but the bullish engulfing and RSI bouncing of 30 levels is indicating we might see the throwback to the neck line 216 levels in short time frame.
* The higher high higher low pattern since December now has halted and till 220 is not broken on upside we might see prices trading in the range 220- 210