Thursday, December 2, 2010
Nifty PreMarket View.
"6045-6050" zone has many averages and is the last resistance above which the 61.8% retracement @ 6090-WHEma(R3:6104).Closing prices of tomorrow will make a change.
Wednesday, December 1, 2010
Nifty stopped & reversed @ 5880.
When a market is trending, it is like the pregnant lady carrying the child in her stomach...just carry it..not disturbing it. Tough job for us guys who keeps tinkering with our positions. SAR helps to carry it. There will be some mishaps but after a while you are sure to find a "big bony baby"..
Once a trend is in sight, watch the small moves as part of a bigger move. As you visualise the bigger picture, you will be able to adjust to the smaller moves.
Once the 2nd day after the lowest point, market found it difficult to break even the previous day's low(5755), a trend was unfolding which has in it 2 possibilites(or 3):
1. A 50% to 61.8% retracement targeting 6015 & 6090.
2. A new uptrend to a new high (6339++)
This gives a confidence to sit through intermediate moves.
A good weekly close will bring added momentum/ supports.
This is how "darkness" disappears, dawn sets in and then sunshine.
Once a trend is in sight, watch the small moves as part of a bigger move. As you visualise the bigger picture, you will be able to adjust to the smaller moves.
Once the 2nd day after the lowest point, market found it difficult to break even the previous day's low(5755), a trend was unfolding which has in it 2 possibilites(or 3):
1. A 50% to 61.8% retracement targeting 6015 & 6090.
2. A new uptrend to a new high (6339++)
This gives a confidence to sit through intermediate moves.
A good weekly close will bring added momentum/ supports.
This is how "darkness" disappears, dawn sets in and then sunshine.
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