Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, July 1, 2009

Reigning The Nifty - 2nd July, 2009


Half Hourly Chart


Daily Chart


Daily Charts
  • Oscillators showing mixed signals . Stochastics once again in sell mode before reaching oversold zone which is bearish. But the RSI14 is above the 50 mark once again.
  • Uptrendline from 2539 broken for the fourth time .Today too nifty failed to move above it
  • 5 dema continues to be bearishly aligned .
  • Support taken on neckline.
  • Bearishly viewed, the neckline is getting hammered since 19th June making chances of a breakdown higher.
  • Bullishly viewed, the neckline is getting hammered since 19th June making the foundation stronger and proving buying at those levels.
  • Third consecutive day of lower high and lower low.
View : Neutral

Intra Day Chart

  • All oscillators are positive.
  • Price below uptrendline .
  • The moving averages are moving up to get bullishly aligned.
  • Though the day ended up the moves which took it up did not give a positive feeling as momentum on the upmoves is lacking .
  • View the half hourly chart and at a glance you will be able to see the sideway movement that the nifty is making.
View : Neutral

Should we wait for the rising wedge target of 3925 or the inverted H&S target of 4530? So, I am neutral on the market and would like to continue the remaining longs with a proper hedge since the weekly charts are yet to signal bearishness by closing decisively below 4143. This will also confirm break of neckline of the Head & Shoulders top formation I have been mentioning.

A request to keep usernames closer to your names as I hate rejecting requests for registration at the discussion forum. Like i mentioned earlier, I have had to delete registered boarders due to spamming and so have decided to register only authentic looking registrations.
Repeat the address of the forum : http://www.vipreetsafetrading.com/forum


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com