Not a convincing close on Weekly Chart

Nifty had shown some high volatile characteristics last week but yesterday finally it did manage to close over 7205 which was acting as strong resistance throughout the week. Daily charts have seen a reversal confirmation BUT weekly charts havent given any strong chart pattern or candlestick pattern to show reversal except sustain 200 Weekly average at 6869.  I have also redrawn channel from the highs indicating last one year between the same by index. I believe we should trade between this channel for some more time. But if we witness this channel breaking support than we could achieve retrenchment level of 61.8% of long term rally which is at 6680 but thats too early to say. Looking at the derivative data it suggest that base for this expiry is formed at 7100 while 7350-7400 is the resistance range where we could see Nifty expiring. So now next week remains crucial and we wish that we can get some confirmation on weekly charts next week. For now risky traders stay long on stock specific!!

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