July 25, 2010

CNX - IT DAILY CHART
  • CNX - IT Chart is showing sideways consolidation after its big Up trend that started around 2000 area.
  • One closer look at the chart shows a possible shorting opportunity. The index is trading near its supply zone of 6200 on closing basis. 
  • One can go short at around 6200 area with a stop loss of 6235 on closing basis.
  • NIFTY WEEKEND ANALYSIS
DAILY CHART
WEEKLY CHART

WEEKLY CHART
Add caption
MONTHLY CHART
  • Nifty daily chart's raising wedge is getting closer to its apex. Another week of consolidation by staying within the boundaries of the wedge will make a perfect set up for a big correction.
  • Weekly charts are also trading close to the top of the trading range.
  • The weekly stochastic  indicator is not showing any weakness. Keep a watch on the %K line which can give an early warning if it moves below the %D lines.
  • The month chart is shown with the Fibonacci retrace levels of its fall from 6357 to 2252. And Nifty is trading close to its 78.6% retrace levels at around 5478 region.

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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