Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, August 23, 2011

S&P500 23rd August 2011

 Daily Chart

 A hammer at support of 1120.The long upper shadow which depicts selling at higher levels is ignored when the hammer appears after a strong downtrend.The fact that sellers were unable to send prices lower than the support at 1120 is given greater importance and thus the hammer at this juncture is considered bullish.With a pullback overdue a short term reversal may be in the offing. Longs to keep a strict stop at 1120.

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Happy Trading !!
Lakshmi Ramachandran

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