the markets showed furious recovery from the bottom yesterday (making a hammer) on daily chart. the speed lines in the above intraday chart shows the range the nifty will move in the coming days..4420-30 is a resistance zone , cross of which takes the market goes to 4475-80 and then 4539 area strong support lies at yesterdays low or 4290 . the market was very oversold ( 5 straight days of selling) as shown by the RSI , its turned yesterday for upward journey ,which gets confirmed today with break of 20 level(do look at( RSI) TA below. bias looks upwards for the time being.. cheers & happy trading
Wednesday, August 20, 2008
DAILY TECHNICALS
the markets showed furious recovery from the bottom yesterday (making a hammer) on daily chart. the speed lines in the above intraday chart shows the range the nifty will move in the coming days..4420-30 is a resistance zone , cross of which takes the market goes to 4475-80 and then 4539 area strong support lies at yesterdays low or 4290 . the market was very oversold ( 5 straight days of selling) as shown by the RSI , its turned yesterday for upward journey ,which gets confirmed today with break of 20 level(do look at( RSI) TA below. bias looks upwards for the time being.. cheers & happy trading
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