Quartely Chart
Bullish breakout from the rising channel.Volumes were low and have been falling since June 2009 quarter. Stochastics has reached overbought region and is flattening .6135 is a very strong resistance which is the highest close on the quarterly chart.
Monthly Chart
Monthly charts look extremely bullish with a breakout from the rising channel which was an almost sideways movement with an upward bias for 15 months ! Volumes were just average and the Advance Decline line negative making one cautious on the breakout. ROC12 and Stochastics are in negative divergence.
I have redrawn the rising wedge which now has Resistance at 6385 and Support at 5592.
Enjoy the heady ride up till the break of the support at 5592.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
No comments:
Post a Comment