The selling in the closing hour of Friday had wiped off a significant portion of the day’s gains, resulting in a hammer candlestick pattern, usually seen as a bearish signal. Bullish exhaustion was visible as lower highs characterized Friday’s advance. But we see both these signals a product of traders attempting mean reversion plays being in a low VIX environment and would like to give more importance to the two consecutive days’ close near 15767, as a signal that last Wednesday’s recovery push is set to continue. This revives hopes for 16350 but does not yet allow letting the guard down on approach to 15900/920/970.
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