May 10, 2013
- 5 Month High EMA at 6000 is the crucial level. This is also a crucial round number So a weekly or monthly close below this level will hint weakness. Price sustaining above this level on closing basis will lead to a breakout above 6111.
- Weekly chart also shows price trading well above 5 Week High EMA which is at 5952. Weekly MACD is about to give a bullish cross which may help bulls further to extend the up move.
- Daily chart shows a bearish engulfing pattern which may give a small correction.
- Price testing 50 Day SMA.
- Death cross in daily chart is still valid. Price closing below 50 Day SMA will strengthen the bearish cross.
- For now though price is in a range as shown in four hour time frame. Breaking this range on the down side will confirm the validity of the bearish death cross. Range if breaks on the upside will invalidate the death cross.