The daily chart has a spinning top (Thursday’s candle) and a bearish follow through (today’s candle).
The candlestick patterns ad credence to the overbought indicators and suggests potential for correction 100.65 (Nov 22 low) and 100.00 (zero figure) levels.
However, bears need not get too ambitious as the short-term averages – 5-DMA and 10-DMA are still sloping upwards, hence fresh demand could be seen around 110.65-100.00.
The candlestick patterns ad credence to the overbought indicators and suggests potential for correction 100.65 (Nov 22 low) and 100.00 (zero figure) levels.
However, bears need not get too ambitious as the short-term averages – 5-DMA and 10-DMA are still sloping upwards, hence fresh demand could be seen around 110.65-100.00.
