Monday, May 4, 2009

Breakout from trading range

Today nifty broke out from the trading range and closed 5.18% up at 3654, after giving a breakout from tranding range (rectangle) which was of 200 points approximately ,nifty not only steadily moved up but also covered 160 points of its breakout target which is 200 points @3700.

Looking at this chart one could see that large rectangle target comes out at 3770 and recent rectangle range target comes out to be 3700, so in coming days we could see this up move continuing till around 3800 levels.


as posted in previous post SBI today got resisted eactly at 1370.

Nifty for Tommorow

This 5 day nifty chart shows negative divergence on macd whereas prices kept on rising today, so tommorow we could see a range bound market with a negative bias.

No comments:

Post a Comment