November 1, 2010

CNX IT Near 50 DMA

  • CNX IT Structure looks bearish, a Head and shoulders has formed. Pattern is not a perfect one.
  • Price breaking down from the neckline may get support from 50 DMA and the index may start moving up.
  • The head and shoulders will work only work if price breaks down below both the neckline and the 50 DMA.

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