Pre-Market View:
The sideways move from 9-10-2012 till yesterday has one indisputable feature that it has been making lower highs and lower lows. But to assign it any pattern would be very difficult ---it might be a running triangle or a combination of zig-zags and flats-- and to trade it on the basis of any "guesstimated" pattern should be avoided.
This sideways consolidating move( I prefer to see it as distribution at top) has resulted in 5/10/20 DMAs converge in a small 5676-5694 band which would act as a good resistance in case of gap-ups caused by global sentiments.
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A small gap-up and then a drift downwards throughout the day has been the market pattern for last few days--- today also the opening would be in the above mentioned convergence zone of 5676-5694 but after that whether any firm traction will take place or the usual listlessness follows,lets see---
EOD post:
Some one-way move during the day and a close above 5DMA(5677) but 5729 remains unconquered and a rising wedge & negative divergence on 5 minute charts indicates a weak opening tomorrow.
.png)
The sideways move from 9-10-2012 till yesterday has one indisputable feature that it has been making lower highs and lower lows. But to assign it any pattern would be very difficult ---it might be a running triangle or a combination of zig-zags and flats-- and to trade it on the basis of any "guesstimated" pattern should be avoided.
This sideways consolidating move( I prefer to see it as distribution at top) has resulted in 5/10/20 DMAs converge in a small 5676-5694 band which would act as a good resistance in case of gap-ups caused by global sentiments.
.png)
A small gap-up and then a drift downwards throughout the day has been the market pattern for last few days--- today also the opening would be in the above mentioned convergence zone of 5676-5694 but after that whether any firm traction will take place or the usual listlessness follows,lets see---
EOD post:
Some one-way move during the day and a close above 5DMA(5677) but 5729 remains unconquered and a rising wedge & negative divergence on 5 minute charts indicates a weak opening tomorrow.
.png)
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