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    Tuesday, May 12, 2009

    12th may 2009...


    (chart courtesy:www.icharts.in)

    nifty spot eod chart.

    macd again showing bearish crossover after yday's downmove. the difference between this and last time a few days ago is it comes after large negative divergence on macd and rsi etc. such moves in jan 2009 had led to a downtrend.

    the factors in favor of uptrend continuation are low volume on decline and holding the trendline support mentioned earlier.

    strategy is buy/hold if the eod tline support is held closing basis else exit from longs if closes below it with good volumes.

    Posted by abhay r somkuwar at 9:00 AM

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