Tuesday, January 3, 2012

Update with 60 Min 03 01 2012 - Bucking the trend..

60 Minute Chart - 02 and 03 Jan 2012
We concluded the last post (here) with the view that the 4650 (red line in chart above) level was critical resistance for this week - notice how the price attempts to cross the line twice yesterday and fails - and gaps up today to get the Bulls celebrating with a nice rally to 4765. The alert Bull would have entered long today for a 90 point gain. On the EOD chart here the next resistance is the 34 EMA as shown then the Fib61x the higher end of our range shown. Nifty is now back to Neutral zone (from Bear zone last weekend) along with most of the world.