July 30, 2011

  • Click the charts to enlarge.
  • Conclusion: It will be safe to stay long above 50 Day Moving Average. Shorts are safe below 200 DMA. But shorts should keep in mind the weekly trend line or the support line of the wedge in weekly chart.
  • Description is clearly mentioned in the chart so click the charts to enlarge.
  • Conclusion: Stay short below 50 DMA. Price staying below Day low EMA will also help bears. Close above 50 DMA will be negative for bears. Strength for bulls only above 5605 level. One can also try to sell on rise. 5530 - 5560 is a shorting zone. But once hour starts to close above 5560 levels it will be risky for bears to remain short.


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My Favourite Quote

"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