Once again the bulls failed to take out the 30-day SMA. This would likely be short term negative as traders may see this as a strong resistance going forward following a high volume failure (to breakout). Our stance remains the same, i.e. as long as prices stay below the support turned resistance trend line (now at 1,552), the odds favour the bears. We could possibly see another wave of selling kicking in soon, which is likely to bring prices down to retest 1,500 psychological mark. The next support is at 1,474.
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