Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, May 11, 2012

S&P500 11th May 2012

Daily Chart

Low of  1343 maintained  and a higher high higher low candle formed.Fibonacci retracement levels and the 200 dema remain unviolated.  The long upper shadow resisting near the trendline joining lows of 1340-1357  however  is not encouraging. 
Lower low at 1343 and lower high at 1415 ,break below the uptrendline from 1075 lows, bearish crossover of 20 & 50 dema, sets the short term trend down.
1340 key levelfor holding longs.Triangle target of 1295 is difficult till 1340 holds.

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Happy Trading !!
Lakshmi Ramachandran

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