Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Tuesday, May 31, 2011

Reigning The Nifty Monthly Update

Monthly Chart

 Monthly Chart II

The monthly charts made a lower high lower low candle. The long lower shadow shows good recovery efforts. the lower trendline of the blue channel held well . Chart II however shows the 12 month ema which has been a good indicator of the trend has been broken once again.Whipsaws around this ema, as happened in the 2008 correction,  check out chart II, indicates weakness to come.

Scaling 5833-5944 should bring in some strength else expect the downmove to continue.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: