Long or Short Opinion

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rajputz

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Mine are same view as yours pt bhai....although if i concentrate at just points, then once can say that move to upside has begun, but if i consider the volume then it is just a fake move to upside. Just compare the price relative to the range of the upbar today. We have increase in points by 65+ from previous day, but volume is nearly 60% of that. Check the charts. Same is the case with banknifty.





If we consider Indicators then once can say that nifty has found a base and is going to move up, but i really doubt that.


 

rajputz

Well-Known Member
Check this...we have a bull run frm point a - e on weekly charts. Which now needs to be corrected. This correction occurs in 1 2 3 pattern. We made a bottom which marked the point 1, then we had a top at 2. And now we are entring into the last correction wave oif the bull run, which can end up near 100-127 percent of the last bull run of point 1-2, which ends near 4600, and can even go further.



Correct me if i am wrong some where.
 

scplindia

Well-Known Member
Rajputz,

Told you there will be a dead cat bounce, europe has seen it today, US might see it later in the day.

If you try to read the chart with a bias, then you will visualise what bias you have. This is normal human behaviour.
 

columbus

Well-Known Member
Nifty chart of last 7 months (EOD=6/7/10)



Blue line = Avg (e,10) line
White line = Avg(s,20) line
Maroon lines indicate a Fall.
 

nimish_rulz

Well-Known Member
If dow breaks 9850 exit all your shorts. Good opportunity to go short again now. Stop 9800. Short FTSE @ 4950. Stop 4975. Looking for 100 points in total.

PMI number coming out at 10 am it will either fly or fall off the cliff. Also gap should be closed on dow especially after the long weekend. Might take days but will go long if 9850 breaks.

There is no reason for a rally today but a successful bond auction in spain and some positive comments by Aussie Central Bank. Volumes still remain thin.


Gold going down suggests depression than inflation in coming months. Look out for 1170 on Gold massive support. If Gold keeps falling dollar will go up soon as with depression dollar becomes the king.

Look at the world shipping demand which takes into account daily demand of exporting oil, copper, iron etc. The demand for goods we need day to day. It has come down to a year low which means sooner or later companies are going to suffer as the demand seems to be drying up. Blatic Dry Index historically also emulates the stock markets and the global economic health.
Here is the chart:

http://noir.bloomberg.com/apps/cbuil...cker1=BDIY:IND

BAD PMI in US as expected:


53.8 instead of 55.1 expected and 55.4 last month
below 50 is recession

Nifty go long only above 5330 or previous pivot high. Just my view.
 
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