The resistance we were trying to overcome for the last 5 days was overcome today with another gap up. Nifty opened firm following a good closing of DOW on Friday, and strong Asian markets. But then that was that! After the initial impetus we just didn’t have the strength or rather any conviction to move up. On the five minute chart you can see after making a double top we just drifted in a downward channel. Like I had mentioned earlier on Friday that 4615/30 is the area we’ve had multiple bottoms which are now posing a strong resistance (incidentally the 13 day SMA is also at4627)! Nothing changed much in the daily chart either. Our immediate support looks like 4530 and below that 4550/60. All the action now will be dependent on global cues and of course we have to take into consideration the cRUDE SHOCKS!!!
By the way ONGC did reach 873 today, (yesterday I had mentioned short term target at 875/80) I covered my long at 860 and couldn’t resist myself to get in again at the lows of the day!
"Do what you can, with what you have, where you are!"
Theodore Roosevelt
No comments:
Post a Comment