Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, February 15, 2009

weekly analysis -- week ended 13th february,2009

the week was mildly bullish as the nifty traded above the previous week's high and closed towards the high of the week indicating further bullishness may continue next week. however the nifty still remains within the equilateral triangle and the final trend is not predictable within triangles. resistances for the coming week are at the 20 wema which is at 3093 and trendline of the equilateral triangle is at 3091. supports of the triangle is at 2727. only 61.8% retracement of the fall from 3147 has been retraced in 3 weeks in comparison to the fall till 2661 which took only 3 weeks. thus the recovery seems corrective in nature implying any bullish positions should either be hedged or traded with strict stop losses.

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