April 20, 2010

NIFTY DAY CHART - 1
NIFTY DAY CHART - 2
NIFTY DAY CHART - 3
  • One look at the line chart shows 5200 as good support on a closing basis.
  • nifty has turned up arresting the fall for now. 
  • A close below 5200 is danger for the bulls
  • Channel redrawn after todays price action should save the bulls.
  • But as the MACD in the last chart shows bears still have the upper hand. and when nifty goes below 5180 they will gain more strength.

CHART UPDATED
TRIANGLE BREAK OUT
  • We have a triangle break out
  • But have stiff resistance 5260 and 5305
  • trade accordingly 
thank you




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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore