- Dow jones was resisted at the 61.8% retracement level of the fall from 14000 to 6400.
- If 9800 does not hold chances are this fall may stretch till 9400 this is the 38.2% retracement level of the same fall.
- The only savior of the bulls may be the FALLING WEDGE IN DAILY CHART CLICK HERE TO SEE THE FALLING WEDGE IN DOW JONES
June 6, 2010
- The first chart shows tata steel breaking down from an upward moving channel.
- Came down from 700 levels to 470 levels.
- The stock is trading close to a trend line.
- It is showing positive divergence although there is no price confirmation of a reversal yet.
- The stock has to break the trend line and close above the 20 day moving average for a short term buying opportunity.
- CLICK HERE TO SEE NIFTY DAILY CHART ANALYSIS
- Bank nifty has given two false break outs in daily chart.
- The previous two triangles which broke on the down side ended up as false break outs.
- The current break out has happened on the upside so will this be a false one as well. Looking at the global markets situation it may en up as another false break out.
- CLICK HERE TO SEE NIFTY WEEKLY ANALYSIS
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