It looks like there is some more steam left. It did not happen exactly the same way I mentioned yesterday; but rallied as expected. Re measuring, I get different resistances than mentioned yesterday; but close enough so that the difference can be ignored.
I expect NIFTY to open positive tomorrow and spike to 4162 and turn down. The maximum it can go this week looks to be 4230. It can even turn down from the current level.
The next drop can very well take it 3800 or below-a sharper fall than seen last week.
3 comments:
Hi Masterstrokes,
Good morning.Thank you for the post tuesday.
The neckline of H&S passes through 4185 figure today wednesday.Also 4230 figure is the high of 07/07/09.We dont have pretty much anything inbetween that as resistance.
But nowadays the volume is very average.Recent moves can be very much a pullback to the neckline before next fall or a failed H&S formation(very odd).Is there any kind of other technicals you have which can track that?How much leeway can we give for a pullback? But one thing is sure. If EOD wednesday closing price is <4185, bulls will be seriously sceptical about themselves.Looks like we are very near to twilight zone.
Thanks and Regards
Kaushik
Hi Kaushik,
It seems u r learning very fast from Masterstoke, the genius.
AT this moment NIFTY is at 4183...lets see if it closes below 4185.
Regards
Raj
Hi Masterstroke
Now we would be waiting for your analysis since 4230 resistence is also broken.
I am short and wondering if market will take any U turn for 4000 Levels or so.
Thanks
Raj
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