Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Wednesday, May 18, 2011

Reigning The Nifty - 18th May 2011

Daily Chart

" However, today's Inside day shows the bulls have already exhausted themselves and the upside momentum has waned " . Well the exhausted bulls got a good bear hug today and fell below the neckline of the head and shoulder pattern. The technicals were saying it all and thats what is so good about technicals.

Targets for the fall should now be 4910 as per the head and shoulder pattern. The bear flag gives a target of 5010. Improtant supports are marked on the charts.

Half Hourly Chart

Half hourly charts showing positive divergence. Strong supports at 5348-5335 may give rise to a bounce before resuming the fall.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: