Starting this SAMVAT , the positive trend is continuing and shorts are getting squeezed this time. Markets were mixed in Asia and despite profit taking, at 2780 -2800 zone short covering came in this area after the markets failed to drop any further and a very quick ride up in last 1/2 hr trade took us again around the top of the day..After a long time one can say, relax and enjoy the weekend...cheers.
PS: history will remember october '08 for times to come and lots of fundamental/technical papers will be written about it in years to come..
Friday, October 31, 2008
PATH AHEAD- resistance clusters
The 3 major downwards moves came from 4649-4303-3649, i have taken the retracement from 2252 for all these 3 levels..The upmove resisitance comes in the shape of clusters here for the move up, CLUSTERS are at app. 2800-3050-3200. October is coming to an end and i dont think we will make any more new lows this month. Bulls have to forget the brutal hammering they got at the hands of the bears last month and keep taking the market slowly away from 2252 to make a semblence of sanity for times ahead. Around 2524 ( monday close ) levels will hold a key area of supports for times to come . Let us see how the footprints are made in the next week or so, to see the trade ahead for the next 2-3 months..Markets i feel will be traders paradise for some time to come..People who had bought the panic dips of friday and monday should book profit and buy again in dips . Trade accordingly , cheers.
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