Friday, October 20, 2006

Nifty for 19 Oct 06




These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.

It has been a few days since I updated my blog. Nevertheless, nothing has changed since. The trend remains up. In fact, the first two charts are those of Friday the 13th, when the market gapped up.


The gap created last week, was tested today. Successfully, I may add. The gap is still open. I would seriously sit up and take notice only when the gap would be closed. That would tell me that the market is now facing pressure from the bears. As things stand today, the bulls already in the market, do not want the sidelined bulls to enter at lower levels. As a result, their endeavour will be not to allow the market down.

It was amusing to see a flurry of messages that shorting time has come. To those “top pickers”, I would very humbly suggest to wait for a confirmation of weakness, rather than try and sell at the market top.