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.Regular readers would have noticed my analysis of
(Link) 2 Feb 2007 and (Link) 1 Feb 2007 where it was suggested that we may see an intermediate term top today, on 9 February 2007. Unfortunately, from the messages I have got on my messenger, it does seem that memories of traders are really short.
Whether it is indeed a top, remains to be seen. What is important is that we should trade it according to our plan.
From the way the Nifty collapsed today (9 Feb) in the initial hours, it does seem that the intermediate top has set in. From a trading perspective, I would remain alert if the short term top of 4239 is violated on the upside. Till then, we could assume the short term trend to remain down. We may also assume that any rises from here on could be met with selling, which could depress the sentiment further.
3 comments:
oh so the prebudget rally was only a humbug by cnbc !! so many ppl getting fooled into 15000 sensex !!
it makes one sad !
reg
ketan
Again and again we have to reinforce the fact that we have to seperate our emotions from the flow of information and trade.
The pre-budget rally could happen.
We should be prepared for any type of eventuality.
ya, time is the best healer... better wait i guess ! tx sirji !
reg
ketan
Post a Comment