On the weekly charts the index closed marginally in the red while average daily volume increased. This suggests possible distribution and the likelihood of the correction to continue.
The Stochastic Oscillator on the daily chart has generated a sell signal while on the weekly chart has generated a sell signal in the overbought region. Also the RSI has taken to a downtrend and has generated a sell signal in the process.
Taking the above factors into consideration, sell on strength is advised.
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