Rising wedge support at 5020 in weekly chart and interesting to note - tomorrow is last day of week, if 5020 is held then bounce back or minor(may be major if bull to continue) support at 4940 and then straight to wedge target 3900 - may be too early to think so, but Always EXPECT THE UNEXPECTED IN THE MARKET. Many stock in cash fell with low volume may be due to first phase of distribution!!!!!!
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I am Manoj and I am trying to be an investor/trader with more emphasis now on investing side.This blog is an attempt to Discipline myself and also serve as my Diary, for recording what I call Ramblings Of An Insane Mind.Since learning is a never ending curve I intend to share my notes with friends who are interested and also would like to learn from others.The posts in this blog are nothing but notes I am making for myself.Nothing on this site should ever be interpreted as advice, research or an invitation to buy or sell any securities.
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4 comments:
Manoj, excellent explanation of the down move. I was also expecting the downmove to happen (MACD was showing a negative divergence).
I am little sceptic though if market try to touch 5180 tomorrow... Lets see what tomorrow brings...
Thanks
Mehta
Mehta Hi
Thanks for appreciation!
You are right in your skepticism about a straight line move to 5180.
But what I figure is that if we dont go UP, then we might consolidate here a wee bit as to enable to bring down the MA's!!!
Needless to say we both looking at hourly chart here!
Cheers!
Rising wedge support at 5020 in weekly chart and interesting to note - tomorrow is last day of week, if 5020 is held then bounce back or minor(may be major if bull to continue) support at 4940 and then straight to wedge target 3900 - may be too early to think so, but Always EXPECT THE UNEXPECTED IN THE MARKET. Many stock in cash fell with low volume may be due to first phase of distribution!!!!!!
Manoj Chopra Hi
Thanks a ton for sharing your views!
Cheers!
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