Monday, July 21, 2014
FII's have been buying again for the last 3 days, after 3 days of minor selling- a resumption of the major uptrend.
Prices, in the short term, have closed above the two key ST averages. (As long as prices close above these, technicals remain strong; only a close/sustaining below it would reverse the ST trend)
The ST direction is "biased UP"(But OverBought in Hour T/f & almost in Day T/f), as long as prices stay above 7613-7616 & close above these two key averages (21 or 34 hr smas).
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it.
Aggressively Holding above 7652(2-Hr Low), Conservatively Holding above 7613(DEma), rally continues....
Aggressively Holding below 7707(73.6%), Conservatively Holding below 7732(80%), correction could resume....
(Staying above/ below the rising 34 hr sma, the bull/bear trend would continue/ resume...)