October 22, 2012
- Nifty in a trading range between 5630 - 5740
- Weekly indicators are at overbought levels but yet to trigger a sell so the larger time frame buy's are still intact. So one should wait for a close below 5630 for further selling. Close above 5740 may resume the up move possibly towards the resistance line shown in the second chart.
- Price falls to the support zone in four hour chart.
- Daily chart also shows price testing crucial 23.6% Fib level.
- Hour chart shows price below 78.6% Fib level. Breaking above this level could give a small bounce towards broken Golden ratio. Sustaining below 78.6% Could break the previous swing low.
- DOW JONES WEEKEND UPDATE
- QQQ WEEKEND UPDATE
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