February 27, 2018 / 6:01 AM / 10 months ago

BUZZ-India's NSE index retreats from 2-1/2 wk high, chart suggests more downside

** NSE Index reverses from Senkou Span A, the upper line of the Ichimoku cloud, acting as a resistance reut.rs/2ESbva9

** The index opened with a gap and above the 50 pct Fibonacci retracement level of the uptrend from Dec. 6, 2017 low to Jan. 29, 2018 high, but failed to hold the level

** The zone between 50-60 acting as resistance for RSI, which has started declining from Monday’s value of 50.25

** A study of the wave pattern suggests wave B of a corrective cycle may have come to an end at Tuesday’s high and wave C, which could push the index lower, may have started

** Monthly chart also reflects a bearish outlook for the index with RSI cutting below the overbought zone at 70 reut.rs/2EVriF7

Reporting by Gaurav Dogra

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