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.
Today, 21 Feb, it does seem that the market is preparing itself to end its correction by tomorrow.
As mentioned in our analysis of 20 Feb, “It is quite possible that we may see this weakness continue into the last hours on Thursday, and then the market will push stops.” When a trading range contracts to tight levels, it is going to trigger stops, both for the bulls as well as the bears. The stops of the bulls could be run when the market penetrates the lower stops by just a bit, and then bounce back up. The stops of the bears could be triggered when the market moves higher.
Thursday is upon us.
After today’s price movement, the levels of 4060 to 4080 still are open. The market again seems to be testing this gap.
The short term resistances overhead at the 4130/4140 were tested today. In all probability, the short term bears would place their stops there. Longer term bears would probably be looking at 4170/4180.
As of now, the long term and intermediate trends are still up. The short term is down. The support levels at 4030/4040 and 3950/3970 become even more significant. If these levels are tested and penetrated, then we would need to rethink our strategy.
Till then, trade happy.
7 comments:
Truly khattarnak analysis since last 10 days !!
sirji, i have also noticed that mkts stops for 1/2 hr at ur levels (colour markers on ur charts), why does it happen ??
reg
ketan
Dear Dusantji,
Great, your analysis of mkt. is really very sensible and I have fallen in love with you for your beutiful analytical ability.
Keep up your very good job, Best wishes for your health, wealth, peace and happiness
Warm regards,
Ajay Brahmbhatt
Gujarat - Baroda
Dear ketan and Ajay,
Thank you for your very kind and encouraging words.
Dusant
Dear Dusant ,
Do you provide any paid consultancy services , specially for nifty options ?
Thanks,
Hello L K Singh,
No I do not.
Dusant
Dusant earlier you were providing education matter on your website at geocities/cooldush
can you upload the education matter here ?
Hello L K Singh
I must appreciate your memory for having remembered the old blog.
Have some patience please and I will let you know all what you need to know.
Just a few weeks.
Dusant
Post a Comment