Dear Friends,
If you look at simple 20 day moving average of most leading shares , the last bounce seems over as it faced resistance and fresh supply emerged at simple 20 day moving average.
In weekly chart bse30 index , close is below 13805 thus it has failed the reversal pattern , thus at present the speed of downmove has decreased and there was significant shortcovering in many stocks thus even operators are not bearish anymore, what ever they had expected is over.
Still market may drift lower thus for any trade , always refer 3day, 3 week, 3 month - present and PROJECTED (extrapolated) value for DIRECTION of short term, medium term and longterm trend.
New top can happen only if market is able to cross 16050 bse30 index level now onwards.
Stoch 7-3 in weekly chart of many shares point to GOOD BUYING OPPORTUNITY at present.
Interestingly in monthly and quarterly chart,
TOPS were made in FIRST month of every quarter - Jan, April, July (at present), now if AUGUST08 becomes BULLISH candle month then only we will have BETTER DIWALI for BULLS.
warm regards
Vipul Lashkari |
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