Bullish undertone got converted to Bulls.
All Bulls. Daily near resistance zone at 5430. Week near resistance zone 5460 >> 5540. A pullback from this should be good opportunity for some medium-term equity investment in some large cap stocks.
P&F once again proves that a simple price action is good enough to identify trend / range and reversal. Though it will take the weekly chart to signal a complete reversal, but the daily chart is showing good amount of reversal. A few points in support for the reversal:
- A spread daily bottom and a plain double bottom at 4720.
- This bottom coincides with 38.2% Fib-retracement
- It has been a year (Oct'10 to Oct'11) for one cycle of correction.
- Some large cap stocks are bottoming out.