Thursday, October 9, 2014

Lowest T/F technicals displayed oversold with +ve divergences for a "pause & bounce"...a relief rally..

Prices have closed below DLEma during "downtrend" gathering momentum & the highs are not sustainable.
Downtrend in Day T/f  yet to gather momentum with week still in trading mode till prices stay above "WLEma less 60" and hour TA turning around with +ve divergences. There will be sharp rises followed by corrective falls till prices hold "7837" which was the 61.8% of last rise from 7816 to 7869.
As the chart below suggests, prices are most likely to reach the weekly channel bottom as long as they are kept below "7950 & 7990".
Minor strength manifested once hour technicals closed above LEma after +ve divergences & attempts would be made to close above critical MT average 50dsma.
(In a trading mode, prices travel from LEma to HEma during corrective rise)
Immediate resistances are 7868-79, above which 50 dsma..& earlier low of 7925.
Supports are 7837, followed by 7795.

14 comments:

Prabhanshu Raman said...

GM Sir and Friends.

Shri, i was talking about this +ww (see green lines)
http://prntscr.com/4uefqc

DNSHUKLA said...

Good Mng Sir and Friends.

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

UNKNOWN said...
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Nilesh Patil said...

Good Morning Master & Friends

marina s rao said...

Namasthe Master & Blogmates.

Wish all Long life, Good Health, Peace & Wealth.

D.S.SASAN said...

Good Morning Dear Sir, Bros. & Sis's,

Have A Happy Day.

amber said...

Guru ji charan vandan

Magesh Waran said...

goodmorning illango sir & blogmets

Rasendra Zala said...

Good Morning Ilango Sir and Friends.

gs said...

good morning sir and friends

Ganesh IC said...

Good Morning Sir & JN Family

shriram said...

GM Master & JN Family,

Luks like Nifty jus saw Bang Bang ;-)

@ Prabha: possible, but dont know if probable .. y ?
Bcoz for a H-prob +WW, pt1 shud be an EW w4 of prev. Impulse or w1 of Prev ABC (for a Bullish reversal)

Every price pattern need not & will not fit into the WW theory.. just to keep in mind

Have a gr8 day !

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