Friday, July 3, 2009

MARKET GETTING READY TO MOVE FAST IN BREAKING OUT DIRECTION

we saw level of 15600 on 12/06/09 and after that corrected upto 14016 on 23/06/09 . after that we are consolidating. first we retraced upto 61.8% lvl at 14995 and retracing by 61.8% again and again. as shown in chart we are now on verge of break out in any direction and we will move fast in breaking out dirction.

we have been moving betn 21 dma and 34dma since lst 10 days. we r not closing above 21 dma and below 34 dma.
we have been closing above upmoving trend line on linear scale since march.

on higher side we can break out we can see levels of 15100-15300 first.i have shown a trend line connecting tops of 21206 and 15600. it will give resistance around 15300. on decisive crossing above 15300 probability of going for new high can increase and we can see levels of 16k.

on lower side on breaking support line we can get support on neck line around 14200. below that 14016 remains lst n final support for all long positions.