Spotting technical patterns felt like a curse yesterday as most analysts including yours truly was expecting bearish action given Friday's head and shoulder breakout. The index rallied 17,755 levels.
However, prices fell today below the head and shoulder neckline level of 17,5607 levels.
Outlook - Daily close below neckline level today would reinforce bears and open doors for 17,399 (Mar 24 low). Furthermore, 38.2% Fibo at 17,150 levels stands exposed below 17,399 levels.
On the higher side, only a day end closing above 17,755 (Monday's high) would signal bearish invalidation.
However, prices fell today below the head and shoulder neckline level of 17,5607 levels.
Outlook - Daily close below neckline level today would reinforce bears and open doors for 17,399 (Mar 24 low). Furthermore, 38.2% Fibo at 17,150 levels stands exposed below 17,399 levels.
On the higher side, only a day end closing above 17,755 (Monday's high) would signal bearish invalidation.
