Thursday, January 21, 2010

Back to test the 20 DMA...Getting ready for a bullish move ?!


Yesterday was another doji day and markets closed around the support level of 5225.

Also the key resistance and support levels of 5256 and 5201, mentioned yesterday were tested and it looks like market is back to test the 20 DMA around 5185 levels.

Indications are still pointing to a bullish move anytime and it is unlikely that markets go for a strong correction at this stage.

It might remain range bound again between 5160 and 5256 levels before going for the next bullish move.

Resistance levels : 5225, 5243, 5256


Support levels : 5201, 5185, 5160

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