November 27, 2010


  • The Title should have been BULL FLAG of CNX IT. But considering the bearishness of Nifty and the Global markets I am being cautious.
  • This pattern can act as a descending channel which takes the IT stocks down or can at as a Bull Flag which reverses the trend.
  • The second chart shows how this particular index finding support just below 50 DMA. If price manages to close above 50 DMA chances of an upside breakout will increase.
  • Important support for the index is at 6482. and Important resistance for the Bull Flag to work is at 6891.

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