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.From the focus point of the December high, we see many crucial observations. Firstly, we see that the 4060 zone saw much resistance earlier, and then offering support later. Also please check the chart on Friday 2 Feb.
It becomes unnecessary to repeat what I have been saying all of last week. Stay bought, till we see signs of weakness.
Today’s chart shows us that a short term support was tested and held. It also shows that we are nearing a supply line around the 4250 levels, which could be a resistance. As a flashback, may I remind readers that we had projected the expected level of 4170 much earlier? This projection was expected to provide resistance in the form of profit booking. However, we have seen that the market has brushed aside that selling level. Now we also see support coming in at that level.
At these trading times, it becomes very important to keep locking in profits. The reason being, we do not know when the rally will end, and will kick ourselves for having sold out too soon. Trading with hindsight is a great sensation, which we do not have, as we cannot read tomorrow’s newspaper today.
3 comments:
they are just not letting the mkt fall !!
How can "they" let the market fall? Until they have sold their stocks at higher prices?
We should see that when people feel desperate to buy, as if there is going to be no tomorrow.
Dusant
Haha very nice play of words along with the pearls of wisdom !! so is it nearby ?? the D-Day ??
Post a Comment