I have been mentioning for the last couple of days that the nearest resistance is between 5480-5509. This is the toughest resistance in the near vicinity. A breakout of which might send NIFTY to 5606. I see less possibility of it kissing 5606. But…we never know,
As you can see from the chart, 5509 precisely matches with the top trend line of the chart pattern shown
Additionally, the timing symmetry shows that 6 Aug 2010 could be the day; it could make the highest point. One day here and there does not matter and also history need not repeat. Anyways, there is no reason at present, to disbelieve that the timing symmetry cannot occur.
All these indications prompt me to be extremely cautious as the testing of the resistance mentioned above, could be as tough as Diamond.
Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.
