why 5162 was important ? Simple ! If you remember previous swing from 5181 high to 4539 low, the length of the swing was 642, but the Nifty closed at 4563 on the same day , that is, 3rd Nov.If we consider the length of the swing from the close, then it comes to 618. If we add 4539 to 618 , it comes to 5157.This is Fibonicci projection of the same length.And if we consider the swing length from the low of that day then it comes to 649. This will get us to 5205.After the projection, we may consider extensions up to 1.618 or 1.272.However 5205 is crucial resistence for the Nifty.If other indicators are overpowering the scene, then only we can think of something beyond 5205, or otherwise, ????????? Thats why 5161 was very important today, the 1.0 projection of the symmetry swing.
--- On Wed, 2/12/09, BALAJI Jayaraman <bctbalaji@gmail.com> wrote:
From: BALAJI Jayaraman <bctbalaji@gmail.com>
Subject: Re: [Technical-Investor] Nifty WEEKLY---Bulls trying WEAKLY??
To: Technical-Investor@yahoogroups.com
Date: Wednesday, 2 December, 2009, 12:10 PM
Trend lines are very subjective & technicians don't all subscribe to a standard definition. 10 ppl will draw 10 different trendlines for a single stock chart.... Cant help it :) Rgds/Balaji On Wed, Dec 2, 2009 at 5:34 PM, kk s <kumar40@hotmail. com> wrote: hi ap cant we look at the chart this way?? just trying to understand kumar
From: ap19632000@yahoo. comDate: Wed, 2 Dec 2009 16:56:01 +0530 Subject: Fw: [Technical-Investor ] Nifty WEEKLY---Bulls trying WEAKLY?? Same trend line acting on BSE Sensex too !! ----- Original Message ----- Sent: Wednesday, December 02, 2009 4:36 PM Subject: [Technical-Investor ] Nifty WEEKLY---Bulls trying WEAKLY??
Nifty weekly chart attached. I was trying to find out why 5161, today's high is so important, and why 5181 was not seen, in spite of the momentum. Chart shows the importance of today's top. It is bang on the trend line starting from a major top of 5545 in February 2008 and the recent top of 5181. Bulls need to be cautious till Nifty closes above 5161. Till then, anything can happen. Just stay short with a stop loss of 5162 on Nifty spot and then go long. Nifty below today's low will confirm the doji tomorrow, and then targets are 5080---5050, and......... ......... ......... .4940 Cheers, AP
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