Tuesday, March 5, 2013
Nifty Pre-Market View.
"5739-5749" is the resistance zone while "5664-5674" is the support zone as shown in the chart.
This is based on pure "Price study".
"5724" is the 80% for the fall from 5739 to 5664.
Bulls will be "out of the woods" only when you spot a reversal pattern and +ve div.
Though 9 drsi shows +ve div, prices haven't confirmed it.
In a 12345 move, 1 ended @ 5879; hence "5879" should be the positional stop or the 80%/61.8% of 5971 to 5664(or new lows).
Alternatively, if the fall is of an "abc" kind, trade the "channel break-out" around 5750 for the day.
So far, all the rises have been "sold into" within "channeled moves".
This is based on pure "Price study".
"5724" is the 80% for the fall from 5739 to 5664.
Bulls will be "out of the woods" only when you spot a reversal pattern and +ve div.
Though 9 drsi shows +ve div, prices haven't confirmed it.
In a 12345 move, 1 ended @ 5879; hence "5879" should be the positional stop or the 80%/61.8% of 5971 to 5664(or new lows).
Alternatively, if the fall is of an "abc" kind, trade the "channel break-out" around 5750 for the day.
So far, all the rises have been "sold into" within "channeled moves".
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