Thursday, April 23, 2009

crucial days ahead

for nifty 3309 is stll working as a support,,though breached for a while intraday yesterday,but still holds true as ,somehow nifty managed to close above it.for the upside now a close above 3376 should be enough to resume the uptrend.
on 29th march, i mentioned about a probable head and shoulder pattern developing on dow chart...at that point of time there was no right shoulder at all,so i wrote that ,it will be crucial how a few weeks time passes on ,,,http://www.bestfreecharts.com/?emailChartID=f1e96e3c-f6e9-436b-98b2-028dcb611cf6&gclid=CPTq86iJ0pkCFRcJbwodjDcQvA open this link and one can easily see right shoulder on dow chart ,,,now !!.
a word of caution here......though it seems that inverted h&s is developing on dow,,,,it needs a break-out of the neckline...approx. recent high.....and another look on dow daily chart also suggests that ,,may be a rounding top pattern is forming on the daily charts....so if dow cant break out of its recent highs in a few days time,,,,the whole rally may fizzle out...this is all technical analysis is all about..in any case though a big trading opportunity is on the cards on either side.
nifty has supports at around 3300,,,and 3128 levels ,so watch these levels.
......jai sai nath....

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