Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, February 12, 2009

analysis for 13th february

84sma on the daily charts has acted as strong resistance . the circled tops show false breakouts above the moving average. this time too the break seems to be false as after two days of close above the 84sma , the nifty has closed below it today. last two times after the first breakout a fall and then a rally not surpassing the previous top. so shorts could be held with a stop just above the recent high at 2957.40.

on the other hand the head and shoulder breakout point has not been breached. so be on the lookout for a reversal of yesterdays trend and continuation of upmove to the head and shoulders target

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