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    Wednesday, August 12, 2009

    12th august 2009...

    intraday positive divergence on nifty chart with holding the imp supports near 4400 resulted in an intraday bounce, perfectly playing in between previously given fibo lvls 4397 and 4510. nifty gets further bearish if closes below 4380-4388. so far its in a medium term uptrend above that lvl, but the short term downtrend is still on. so no case of any fresh positional longs as of now.

    profit booking is also happening in dow jones and s&p 500 and many global indices/commodities.

    as earlier marked on charts they had completed 38.2% ret of their big fall and profit booking was due.

    although still in uptrend these US and other imp indices have to be closely watched from now on for any bearishness/signs of reversal as the dollar index seems to be headed higher.

    Posted by abhay r somkuwar at 8:54 AM

    3 comments:

    Sujatha said...

    Quote : "dollar index seems to be headed higher" but why there is no reversal in commodities? there is no correlation between these two?

    PS : Copper is flying highhhhh.. Thanks for your levels which u posted earlier (me not traded.. but following...closely)

    Regards

    August 12, 2009 at 10:18 PM
    abhay r somkuwar said...

    if one looks closely the direct correlation of us dollar index is still there for intl commodities mkt(not mcx commodities!) and overseas equity mkts except nikkei etc, but very recently some disconnect between dow jones and spx etc, probably local money supporting those mkts on better than expected eco data.

    regards.

    August 13, 2009 at 8:37 AM
    Sujatha said...

    Thanks for your guidance

    Regards

    August 13, 2009 at 10:49 AM

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