Czar said:
thank you sir...lol
the falling trend line of this fall is somewhere around yesterday's high.. so I assumed, correct me if i'm mistaken sir...
Hi Baronthe falling trendline in the attached chart shows a slight heads-up on Thursday June 15 close near the days high at
2799. This is where the trendline stands broken at this point. There may be an interesting contest at this trendline going ahead and Ill certainly update.
Also, in terms of where we were and where we are, the recent lows had pushed the Nifty to last Nov/Dec levels and now its at Jan/Feb levels, and on the charts it is an important support area.
I agree with you that another slam dunk is absolutely possible, but yesterdays broad rally in the midcap space gives a reason if not hope that some sort of bottom building may have happened recently: The percentage jump in closing values across the board in this segment shows the hand of big funds who gobbled up fantastic steals. Its very plausible that this priceline will be protected going ahead.
The other reason is, as mentioned yesterday afternoon, the way supply was being absorbed the last couple of sessions.
Sure, we are far from being out of the woods yet somewhere along the line we need to keep our eyes open to any signs of bottom building.
As for your Sixth Sense, Id written here yesterday morning that if Wednesdays high at
2767 is successfully retested, then the Fibonacci/retracement levels of the same days low at
2595 would be under grave threat.
Its a wait and watch.
The US markets didnt give much hope, so theres danger coming from there, and theres general weakness elsewhere too.
For supports the crucial line is
2913-2909-2906-2897-2891-2885-2881-2877-2869.
2853-2848 is critical.
To the up, the line to hold for any upside is
2926-2931-2936-2946-2951.
Will update again.