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Recent development of consecutive narrow ranged bodies with both the trend strength indicators divergingisasign of consolidation. On the broader scale the recent double bottom formation pattern still awaits for aconfirmatory close above 17660 on WCLBs. On the flip side the support zone at 16820 is expectedtoretainitsstrength during this ongoing consolidation while a breakout above 17660 would unlock the awaiteddirectionalmomentum. Strategy for investors remains intact to add longs on every decline with a stop below16600aslargerstructure shows signs of a broad consolidation. While traders could adopt to mean reversion strategyuntil aranged breakout outside the current consolidation zone of 17540-17000 is not established.

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