Thursday, June 3, 2010

MARKET AT A CRITICAL STAGE

OBSRVATIONS;
 
2 CHARTS ARE ATTACHED.
 
POSITIVE:
 
HIGHER LOW HIGHER HIGH SEEN FIRST TIME AFTER CORRECTING FROM TOP IN DAILY CHARTS.
 
INVERSE HEAD N SHOULDER PATTERN WITH NECK LINE AROUND 16971/17000 ZONE
 
NEGATIVE:
 
STRONG RESISTANCE IN MONTHLY CHART
 
100 EMA TESTED TODAY . INABILITY TO CROSS SAME WILL START DOWN WARD MOVES AGAIN.
 
50% RETRACEMENT OF FALL FROM TOP OF 18048 TO 15960 CLEARED AT 17004 ,61.8% AT 17250.
 
TREND LINE IN DAILY CHARTS GIVE STRONG RESISTANCE AT 17400/5200 ZONE.
 
STRETEGY:
 
KEEP STRICT STOP LOSS OF 16544/4961 FOR ALL LONG POSITIONS.
 

 


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