5 DAY CHART AS ON 9.07.09

LOOK AT CHART ATTACHED. POSITIVE DIVERGENCE IS SHOWN IN RSI IN CHART, SLOW STOCHASTIC AND MACD ARE ALSO SHOWING +VE DIVERGENCE. WILL WE SEE A PULL BACK?

13700 BROKEN

as per expectation we got support at 13700 yesterday and we bounced upto apprx 14k.

today we have broken 13700 also. still we are moving in downward channel and support level in this channel will be getting lower n lower daily.

55 dma is at 13641, next fibo mov avg is 89dma and it is at 12059

 

if we look at candle stick chart now reliable supports come around 13519 low made on 26/05/09 and 13479 gap open low made on 18/05/09 on post election result euphoric day. below that 12300/12500 will be next good support area.

for resistance we shd observe neck line of H n S pattern.

 

now we are making lower top lower bottom formations.for any pull back first signal can come on crossing last top around 14k made yesterday.