Daily Time Frame - We have a continuation of the trend candlestick formed on friday with stage 2 buy indicator indicating that the trend upwards now may last for few more days till the time possibly the conditions get overbought. Stocs indicate that we are bang in the middle as far as measuring the overboughtness of this move is concerned.
Thus - Being long is the trade.
Weekly Time Frame - On weekly time frame the candlestick is bullish continuation one. We have closed right below the 13ema which stands at 5050. Prices by coming down from 5400 levels have corrected the overbought conditions and now are trying to generate a stage 2 buy signal.
Thus - Long is the favored position.
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