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Occurrence of a Doji on its daily scale near the expected target zone of the bearish pennant formation could is a good sign of stability. We may see an upmove commencing soon as indicated by the pattern, but a confirmation would be mandatory. With its daily RSI now around its oversold zone while ADX still trending higher at 36 its advised to retain the cautious stance. A firm dependable reversal sign could emerge in the coming week which could provide the necessary support to rebuild longs. Until then short term traders should adhere to long short opportunities until a clear bullish reversal pattern signs occur. While investors should get ready to utilize the current ongoing corrective wave to accumulate quality stocks by deploying a BUY on Declines strategy.

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