Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Tuesday, June 1, 2010

Reigning The Nifty - 1st June , 2010 -- Monthly Chart Update

Monthly Chart

  • Rising wedge formation of the entire rally from March 2009 which is bearish.
  • The entire rise since May 2009 has been on falling volumes.
  • The target of the rising wedge is 2356.
  • Nifty has closed below the wedge for May 2010, on high volumes, indicating more fall to come.
  • Oscillators have been in negatve divergence since some time and continue to show weakness.
  • The Nifty has been in a range of  around 850 points since September 2009. Break below this range at 4538 will give an immediate target of  3676.
Monthly charts are not too robust since some time as oscillators have been showing falling momentum. Targets given here may take a long time to be achieved as short term action will be guided by shorter term charts.

Happy Trading !!
Lakshmi Ramachandran

No comments: