Friday, October 10, 2014

Prices come under the pressure of weekly weak trend, supported by overbought hour TA...

EOW is here...
Prices have closed below WHEma & WEma but above WLEma and thus in a trading mode; prices, thus, reversed from "WLEma less 60" and came close to WEma-7985. If prices manage to hold the last rise retrace at 7876-94 or 50 dsma-7912, relief rally would continue towards WHEma.
If not, weekly trend would assert itself to take the prices down to WLEma..
Day T/f  reversed up totally, though week is still in trading mode, and thus needs to hold the above said levels to continue with the rally.
If the rise from 7816 to 7972 is "a" wave, the fall from 7972 would be "b" wave, if not the resumption of downtrend..
As the chart below suggests, prices are most likely to reach the weekly channel bottom..
ST weakness returns with hour technicals reaching overbought zone & remaining below "day Channel bottom" & critical MT average 50dsma.

21 comments:

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

D.S.SASAN said...

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

Have A Happy Day.

A HUDHUD fear in Odisha & other coastal States AND TODAY IN SHARE MARKET.

vksoni said...

Good morning ilango sir and blogmates...
sir in nifty Ta file in day ohlc sheet today's high 7972 become yellow cell. how to understand this?
earlier 8031 also yellow.i mean is it something two day high?

gs said...

good morning sir and friends

gs said...

simple observation shows market showing reluctance to fall
layers of support 50dsma ,7876-94
than also 7840-50 range........

Prabhanshu Raman said...

GM Sir and Friends.
Sl hit for falling wedge.
Jnsar short triggered at open.
Jnsar is between dlema-dhema...so whips possible.

gs said...

infy results good

brijsolution said...

Opening low not yet broken..7880

lazydude said...

The fed is wrapping up their qe program. So one day one down kind of market.

Prabhanshu Raman said...

Gm brij..
5 waves done at 7854 from 7972?

gs said...

if infy had posted poor results..than bottom would have gone below market....stock up 5%, 7% weightage in nifty

brijsolution said...

Prabhu.. Taking support @ WLEMA also..

adishivam said...

GM to All. Never predict the market. I am following mechanically SAR trading. I have gone short at 09:20 with 30 points SL to reverse again.

Ganesh IC said...

Good Morning Sir & JN family

Prabhanshu Raman said...

Brij, took support at S2.
Now, 7972-7854, cud be a of b or weekly trend assertion gng on.

gs said...

its the gap created on 9 oct open that is holding well ...close 8 oct to open 9oct its 7843-7886...and looks solid support

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