June 14, 2011
- ORACLE is taking support at 78.6% retrace level.
- Stochastic and price is diverging. If stochastic goes above 20% price may start moving up.
- Last chart shows broken trend line in daily chart. So this line may act as resistance. If price closes above the broken trend line we will get a buy signal. Hold the long position with 10 day EMA as trailing stop on closing basis.
CNX - IT
- All three major indices are showing consolidation triangle patterns.
- If the support lines are held we may see them moving up towards the resistance line.
- Nifty is showing a Bullish ascending triangle this one was redrawn because of yesterday's Dip below 5450. If an up move happens and stays above 5500 price may move towards 5600 in the coming days.