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Bear party was short lived
Market rallied on increased volume
and positive A/D ratio. From 16943, we got two down days but on the
second day itself, market picked up from lower levels proving strong
under current and uptrend being intact.
Now, if today's (i.e. Thursday's) low of 16495 is saved and 16834 on
the higher side is taken out (see chart), motion line will turn up
again, and it will add more to confirm that top is not yet in place
and rally is still continuing.
Wave 'G' from 15358 has now completed 14 days while 7 more days (plus
or minus) are still left which are yet to unfold. Traders should
therefore take full advantage of this 'G' wave rally by buying low,
whenever an opportunity is tossed upon.
In case 16495 is broken down, next support will be at D-F line around
16235 where buying can be done.
Supports for the day
are at 16720/16691/16610/16556 and resistances are placed at
16834/16890/16943/17028/17120.
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