week ends on a positive note

ALL important level..4350 and 14650 around in both indices were decisively broken at the end of a very very bullish day..ending the week with a HAMMER like pattern...which as i suspected

on 24th can be taken as confirmation that ,we have seen short term bottom at 4140..and the pre budget rally has begun.

This is the technical picture..and the trigger needed to break my resistance level,was provided by NECKLINE BREAK in hourly charts of reliance industries,,,with NEWS that it RAINED HEAVILY in mumbai.

I want to copy paste ..a few sentences of my earlier posts,a few days back..so that,one can have

an understanding that how combination of different TECHNICAL factors ,completes the reversal process.

BUT before that..have a look at the intraday charts of reliance ..where a clear triangle pattern was developed WITHIN the larger h&s pattern.with BUY calls as per my trading system.

HERE IS WHAT I WROTE A FEW DAYS BACK.................

On weekly charts,there were downward reversal candles in most of the pivotals..if at all as on friday markets closes around even our resistance zones of 4350....we will be able to presume that the bearish ness of weekly patterns may have been consumed.
I have seen that..slow recovery such as we are seeing currently can suddenly pick up momentum,after the major hurdles are crossed and held.
24 june 2009
　
For the coming week or so,,Lrsen and Bhel looks stronger than many other pivotals,
21 june 2009

AND CHARTS SPEAKS...