Thursday, August 12, 2010

EOD

Intra day Update:
Yesterday's EOD showed oversold short term time frames , Dow coupled with close below 5d low ema gave the gap down opening.Morning tweet at opening was biased for long with 5420 levels as resistance .Markets obliged (with cool 50 points.)

The charts now show Resistance at 5435-5445 levels.
Break of 5390 signalling early sign of weakness.
5350 level remains  the important Support.



5 comments:

RamSreeram said...

Wat can be the SL for positional shorts ??
If 5350 is broken wat be the target ??

AAR VEE said...

RS,

For positionals shorts, closing above 5440 should be s/l (aggresive) and the recent highest close 5485 should be conservative s/l.

the targets if 5350 be broken will be in the range 5250(previous imp. support)-5220(fibo. retrace 38.2% of the upmove 4786-5492 )

part booking at 5350 is prudent and wait to see the price action at this level.

RamSreeram said...

Thanks RV

r m said...

Thanks RV for the EOD updates.

mo k said...

thanks RV,
will keep watching
5445
5385
5349

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