Daily Chart
The S&P500 closed above it's peak at 1292 thus registering a higher high for the medium term.I would be cautiously bullish till the 1371 top is taken out decisively.The stochastics is overbought and could lead to a pullback anytime.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
dear lakshmi read ur blog evryday n realy admire itcn u help me identify the pattern in sriram transport finance i think i cn identify a narrowing wedge.lz giv me ur inputs,i hv a short position in it.regds gauri
gauri,on what basis did you go short? btw i dont see any wedge.It is in a short term uptrend and has broken out from the downtrendline drawn from Septemebr highs.This is a bullish signal. Keep a stop loss of 583.
Next time put up the question on the discussion forum http://www.vipreetsafetrading.com/forum/ alongwith your chart which led you to take the decision to go short. Others too may be able to help you then
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