Friday, June 13, 2014

Nifty, from overbought zone, broke below key retrace level-7625 to close below DLEma..


We discussed "Macd turning down in extreme point"; here, it is.
We discussed the "RSI moving below 80 mark from overbought zone"; here, it is.
Lead indicator led by turning down three days ago & triggered two days ago and "closed at the lower end of the 7497 to 7700 range which is relevant for the day's SSTO"; in the process, it has changed the range to "7700-7525" and break of 7525 would expand the range towards the 14 day period range.
Prices continued to close below HHEma since open due to overall overbought conditions with some -ve divergences; and then, it closed below HLEma at 12.00Noon, also our day's aggressive short below @ 7638. From DHEma + 30 points of 7651-7681 zone, prices fell to DLEma - 30 points of 7536-7506 zone.

6 comments:

Lalit said...

Thx your comments looks very lively and to the points

Thx

marina s rao said...

Master,

Plz correct 1st line in Fibo retracement table as : From : 7680 To : 7525 instead of 7670 to 7525.

Ilango said...

@ marina s rao,

It is 7670 to 7525 (or 7531) and it is the 3rd wave from 7680.

marina s rao said...

Master,

U r right. I'm wrong.

Sorry for my mistake.

Ilango said...

@ marina s rao,

These are minute sub-waves; only market could validate which one is right.

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