Friday, August 1, 2014
FII's have started to sell for the last 2 days, after 9 days of buying- a resumption of consolidation within the major uptrend.
Prices, in the short term, have closed below the two key ST averages. (As long as prices close below these, technicals remain weak; only a close/sustaining above it would reverse the ST trend)
The ST direction is "biased DOWN", as long as prices stay below 7768 & close below 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 below 7755(DEma), Conservatively Holding below 7768(Wk.Pivot), downtrend continues....
Aggressively Holding above 7641-61, mild strength possible....
"Broadening top"/ expanding triangle's last big downmove is unfolding...confirmed with a break of 7760.