- First chart shows daily time frame with range breakout and target zone which is above 22.
- Second chart is the weekly time frame with price breaking above Middle bollinger band. Closing at the current levels may extend this move towards the upper bollinger band.
- Immediate levels to watch is the 38.2% Fib level shown in daily time frame. Price must sustain above this level for a bigger up move to happen.
February 14, 2014
- Daily chart unable to move past 20 and 50 Day SMA has fallen towards 200 SMA again.
- Weekly stochastic is yet to reach oversold zone. If the recent low near 5930 and 200 SMA is not held a bigger down move is likely to be seen.
- Bulls need price to show consolidation near 200 SMA for a possible up move to happen.