Wednesday, May 20, 2009

VIEWS FOR 20-05-2009

Hello all! Again a gap up and a huge volatile day we witnessed. This above chart was pre-posted at the very beginning of the week and see what it has done,. It crossed the very important BC=1.618*AB yesterday and took the support exactly there, the place is 4185. So friends as long we are above that 4185 level, technically we can not think about any weakness on the price movement in near term. I know, looking at the rally on the last couple of days one may get sense of a correction is around the corner. There lies the twist of tale. It's indeed very strong as long it's above 4185 and for the coming session I feel 4300-4280 is crucial below which it can get weak to get to the level around 4248 and 4216. The intra day chart is completely distorted for smaller levels and can take 1-2 trading sessions to get to the normal state. But in any case 4186 is important, most important for the short term.

Supports: 4300-4280.. below this further weakness towards 4215.
Resistances: 4360-4410 .. above 4410 it may show very large momentum again.

In any case please maintain strict stop loss.
(All Future levels,Daily chart attached)
Take care and trade safe.
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