Monday, June 8, 2009

A gravestone doji at the top after a range breakout. Bearish reversal seen ?!


NIFTY made a gravestone doji pattern last friday after reaching new range high and breaking the 4620 barrier and almost reaching the next resistance level of 4648.
Any break below 4528 will confirm the reversal at this stage and might take NIFTY further to 4340 levels.
4611 has been charted as a crucial resistance level and NIFTY should not move up this level for the reversal till 4340. A break of 4611 and a further break of 4648 will see NIFTY reaching 4800 levels. The only thing that is clear now is that this is a cat on the wall situation as it has been for the last five trading sessions.

Resistance levels : 4611, 4648

Support levels : 4550, 4528, 4507, 4487


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Happy Trading
www.tripleint.com

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