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.Oh well … the market did as was expected. The world markets news flows made the Nifty open with a large downside gap, but it displayed enough strength to recoup all the losses of the gap. Today has been a minor cycle in time, and the market has shown enough resilience to claw back up. This confirms my belief that we are into a volatile stage of the market.
Further, it could be noticed on the chart how the price is moving, respecting all the various support and resistance levels, which we have been seeing for almost two months. I still have not been able to understand how the collective wisdom of millions of people influences the order in the market.
We see the Index again try and retest yesterday’s high, unsuccessfully. This suggests that our analysis of yesterday may stand the test of time. Yesterday could be a short term top. We could see a short term down trend leading to the derivatives expiry on 26 April.
Plan and trade happy.
2 comments:
sirji, the wise millions read ur blog, and THATS how the order is maintained !
congrats !
reg
ketan
Ketan,
You flatter me, but that is not actually the reality.
The market's millions maintain the order, and technicals are only a tool to search for that order.
Dusant
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