Though there was an attempt, the nifty has not been able to cross even the 23.6% retracement level of fall from 2806. Positive is , yesterday's lows held and held well throughout the day. The break from the triangle is into it's third day, confirming it's validity. On the pullback resistances are at 2658-2686-2709-2732 being the fibonacci retracement levels. Strong support is at 2572 and 2502. if these levels are held then we may see retest of the upward sloping trendline of the triangle.
The 84 period SMA which I have been following for ascertaining the long term trend , has been rising since last two days after continuously falling since february 2008 !!. Will keep an eye for a change of trend.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
good observation about the 84 sma. needs great passion and patience to look into things so minutely.
regards
chandru
Thanks. yes I am really passionate about the stock markets
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