Market Next Week
Some of you would recollect my rising wedge story, published for several weeks in succession. This time, it looks to be ripe for re-introducing it and here it is. In my earlier, story, I had mentioned about the wedge breakdown and you had seen it. Now, it has undergone a pull back for 5 weeks after it touched a low of 4675. This time, I would be extremely cautious as a reversal towards 4500 is possible. But, in case, it takes off above 5310 convincingly, then we might see to going to 5500.
On the daily chart (Not shown) the next supports are 5200, 5000, 4800, and 4750. The resistance is at 5400 and 5550.
www.ftalarms.com continued it profit generation for the subscribers. Those who trade on NIFTY 2000 NN system, it has, since the last LONG signal on 17 Feb 2010, has given a profit of Rs.18625 or one lot and NIFTY HDS Rs. 17125.
Gold: It is time, to give you an update, what is in store for Gold. As you can see from the chart, Gold has formed a Head & Shoulders Pattern and is too close to the neckline. A breakdown below the Neck Line can take to $ 1029, swiftly. You can see that last black candlestick has closed below the prior 3 day’s low in a single day’s movement and is an indication of a possible crack very soon. I had given this warning through www.ftalarms.com three days ago when Gold was hovering around 1129.
