Tuesday, August 11, 2009

Key support of 4444 broken. Where are we heading ?!


Yesterday the markets could not take advantage of the gap up, but then also went on to make new lows for the series, breaking the 20 DMA support and also breaking and closing below the crucial support level of 4444.

There were a few strong bull traps made around 4507 levels yesterday and market will remain bearish as long as this level and also 4537 is not crossed on the upperside.

Resistance levels : 4444, 4485, 4507
Support levels : 4396, 4375

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Happy Trading
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