I strongly believe, we have seen a bottom at the low of Friday - how long it will hold is something no one can say.
Why do I believe this -
- Hourly stochastics are near 5.
- Positive divergence on RSI
- Positive divergence on MACD.
- the 200 dma was almost touched (not necessary to actually touch it)
- S & P bounced hard from the 200 DMA last night.
So guys, wake up early at 5.30 am on Monday and start tracking Nikkei, then Hang Seng which will tell you whether we open flat, gap down, or GAP UP ABOVE 4790, and then start tracking Nifty on SGX till 9 am.
But assuming a short term bottom is in place the first hurdle is the trend line which is near 4830ish.
- Very likely
A close above this TL can take Nifty to the first retracement level (38.2%) near 4930.
- Likely
A close above 4930 will take Nifty to the 200 HMA near 5107 - of course, by then this 200 HMA would have come down a bit, and will not remain at 5107.
hmm....Not impossible.
A close above 5107 will take Nifty to the final hurdle 5180 (61.8%), and beyond this the parallel channel top can also be a target - 5400 - 5450!!
- Difficult to believe!!
It is all happening on a screen in front of you next week - stay tuned...:)
All the above can be options for a POLL? ....hehehe
AP
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