last week i mentioned that we are reaching trend decider 80% retracement levels (of recent fall from 17790 to 15652) 17362/5183. but last week was ranged bound and we moved in small range of 17028 to 17245.till we have not crossed these levels . rsi trendline is also not crossed. in last week gap area 17000-17025 has given good support.
on positive side still we are trading above 50dma/100 dma.we have maintained higher high and higher low pattern on weekly basis.
what next?
we may see some action on breaking last week's consolidation range 17028-17245.
break of 17028 will be the first sign of weakness.short term traders must keep it as stop loss.for medium term stop loss levels given last week at 50dma/100dma zone at 16800/5000 will be same.
reliance has shown some strength in last week after a long time. it can show further strength till it is closed above 1020.
being a heavy weightage share it is helping in maintaining indices levels.
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UPDATE AS ON 16.3.10
RELIANCE ON FIRE ! 1071
CHEERS!
dear pankaj...
ReplyDeletecould u please have a look at hindalco charts? i am short and stand to loose big(at least for me)..could u suggest levels as per ur understading?
regards
Dear Mash,
ReplyDeletehindalco has bounced back from 50 dma zone at 158 and on friday it went up with good volumes.i feel that you shd keep stop loss around 172.5 (last week top area) for your short position.
yes pankaj ji, reliance moving after a long long time.. hope it crosses 1200 this time
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