Recovery from the low of 6682 and a move back above the trend line level (drawn from Aug 15 high and Sep 2 high) keeps the doors open for a test of 7K next week.
However, the hourly RSI is retreating from the overbought territory and the 4-hr RSI is close to overbought territory. Furthermore, the weekly MACD is now nearing zero levels.
Hence, the overall situation closely resembles the case of - ‘So close yet so far’.
On the downside, corrective move is seen gathering pace only if we see a daily close below 6680.
However, the hourly RSI is retreating from the overbought territory and the 4-hr RSI is close to overbought territory. Furthermore, the weekly MACD is now nearing zero levels.
Hence, the overall situation closely resembles the case of - ‘So close yet so far’.
On the downside, corrective move is seen gathering pace only if we see a daily close below 6680.
