It’s been a volatile week so far, much of the action is dependant on how the U.S will implement the bailout plan and what would be the REAL cost of such a bailout plan. Bonfire of the Vanities, yes that’s what’s happening in U.S now, the old financial order has collapsed and a new one must emerge in its place. Change; as they say is PAINFUL and INEVITABLE! I have been busy with my business of late and not able to contribute daily. Plus I also feel that when Nifty gets into the range then it doesn’t contribute much by writing the same levels daily.
The intraday action is summarized in the hourly chart below, we have reclaimed the 20 & 50 periods MA’s and right now the price seems to be nestled between them. The overhead resistance based on the hourly charts is 4000/4050 and 4125/50 whereas the supports are at 3850/3800.
The daily chart has strong resistance at the upper trend line of the channel (it’s also the long term falling trend line from Jan Highs). The ADX is getting stronger and we have +DI below the – DI. 3800 and 4050 seem to be the range as of now, play it if you can!
Don’t learn the Tricks of the Trade. Learn The Trade!!!
Anonymous
No comments:
Post a Comment