The day was nearly perfect one. We hardly broke 4995 while testing twice after a gap above that at opening and just cruised ahead firstly exactly at 5040 and provided dip without breaking 5000, and hit exactly at the second and final resistance discussed on last post @ 5070 (high made 5072.5). Now I am re-posting one chart posted on the 26th day of this month. Just see how 5065 acted as pivot on closing chart for upper targets 5146. Please have good look....
Now see this, how the things panning out .. how 5065 works...
Supports: 4995 is important to keep the upward momentum maintained. Below that some quick decay can show 4960-4935, further supports will come @ 4895/85 and probably the last support before 4725 :-P
Resistances: 5070 or yesterday's high is the main hurdle. I will feel comfortable to book longs unless that level is taken out convincingly. Closing basis resistance on hourly is @ 5065 as shown above. Above that bullish move can very well bring 5110-5146 (closing)-5170.
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