AUTOMATED TRADING

AUTOMATED TRADING

7 August 2011

NIFTY VIEWS FOR NEXT MOVE.

The retrace level of the total Upmove since 2252  to  6338 ( 2008 lows till date ) showing that we may see the 38.2% level near 4800 apprx. in this leg of downmove.
The Pattern  in above chart is showing downtred Triangle. The Pattern is Bearish in nature and generally gives a breakdown below lower Trendline . It had violated the trendline in last friday trading session but closed above it.

The Weekly chart shows a breakdown of a Long Term Trendline that was holding Support since Nov. 2009 and never had been voilated on closing basis. Last Weekly close was a 52 week low close , lower being that of the week ended on 11-06-2010 .

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