I wasn’t around today, so thought that I had missed a lot of action. Now sitting in the evening and seeing the intraday gyrations of Nifty, I guess I didn’t miss much! Though the last one hour movement looked good to trade, in fact, it is the only trade, I would have opted for. We had a two Bar Reversal, right at the resistance level and was confirmed by a sell signal from the MACD and the Moving Average Crossover. It looks like we couldn’t carry the overnight bullishness. 4800 still looks like a tough nut to crack. And it seems now we have formed a Double Top at 4795 levels. It will only be confirmed if we break below 4670. There is such a state of confusion with both bullish and bearish patterns intermingling with each other, that one is forced to change his views frequently. On the dailies it seems Nifty has made a Shooting Star. If tomorrow we get a Big Red Candle then we might have the Evening Star Pattern. For a learner like me I am just tryin2keep myself sane!!! And for you people out there, I leave you with this quote:
"The elevator to success is out of order. You'll have to use the stairs... ONE step at a time."
Joe Girard
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