IFN India Weekly Chart H&S Downward Channel Gaps

The green falling wedge and positive divergence will bounce price strongly off that 21-ish up towards the top rail at 23-ish. The MACD line is agreeable to a bit more weakness. The ADX is showing that the down move is a strong trend. Thus, the red channel should remain in play a bit longer, at the least price can fill the gap at 19 at some point and travel sideways across 19-25. The pink H&S is in play where price faiiled the neck line at 25-ish, head is at 37-ish, so that targets 13-ish, where two gaps exist. Perhaps that will be the 2012 story.

The 20 week is under the 50 week MA which is very bearish. Interestingly, India also serves as a proxy for gold since they consume one-third of the worlds yearly production. For the nearer term, price is agreeable to bouncing and exploring the top rail of that red channel at 23-ish, then down again to perhaps taget that 19 gap as price stays within the red channel. Chart can be reassessed when price reaches 18-19 in the weeks and months ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.