Wednesday, July 13, 2011

Markets tested 20 and 50 DMA support. A bounce to 5600 levels in short term ?!


After a gap down opening yesterday, markets failed to cross the first support level of 5683 which became a strong resistance and after testing the 20 and 50 DMA levels of 5510 and 5501, markets settled for a close of 5517.

Overall the expected range bottom of 5551 levels has been taken out and it looks like markets will resist around that level for a while before making another up move towards 5600 levels.

Resistance levels : 5542, 5565, 5583

Support levels : 5501, 5485, 5471



-Happy Trading

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