Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, May 3, 2012

Reigning The Nifty 3rd May 2012

 Daily Chart

Upmove stalled though the candle made a higher high and low.the clearer chart below shows resisted at the downtrendline freshly drawn from 5629. 5,20 and 50 dema continue to be  bearishly aligned.Oscillators not helping much though showing mild signs of moving up but in neutral position.

Daily Chart

Half Hourly Chart

Half hourly charts shows all bullish attempts thwarted. Resisted at 61.8% retracement level of fall from 5342,resisted at green neckline of inverse head and shoulder bullish pattern shown yesterday, breakdown once again from red triangle and breakdown from the rising wedge shown in blue.
With the monthly oscillators indicating weakness place tight stops on longs around the 5100 levels.
If holds then we concentrate on the pennant breakout.

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Happy Trading !!
Lakshmi Ramachandran

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