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Two narrow range candle (dojis) have be formed. These indicates indecision among the participants. While the major resistance is placed at 10590 a move below 10330 may prove otherwise. The indices made more than 2 closes in the A zone of the Bollinger Band, a move above 10440 will be bullish.
While on the daily charts we notice a Bollinger Bands compression as well as hesitant RSI to breakout above 6- – 70 levels. To move up strongly prices have to break above the Bollinger band compression as well as RSI needs to move up. Unless this does not occurs we can expect sideways consolidation to continue.
_ Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA