mkt ahead...nifty 11th apr 2011...

nifty hit the falling tline and an imp resistance to its pullback at 5945.

as was said repeatedly it will be freshly bullish only above 5950 or 6000.

after touching 5950 profit booking brought it down to 5822 and closed at 5842.

the weekly candle forms a gravestone like doji with open and close at 5842 and a longish upper shadow. which signifies nifty may be near a short term reversal point to its uptrend. early last month i had given time till second week of april for the pullback from lows of 5200 and this week we have hit the resistance as well as time frame for pullback so lets see. 

as a trading strategy one can short lightly with 5950 as sl for near term if it closes few points below 5800.

follow-up on commodities

Gold:
http://valuetrading.blogspot.com/2010/11/very-long-term-chart-of-gold.html

final leg of primary wave three of  cyclical V is under completion near $1460-1500/ounce. after which  fourth down till 1200 and if bigger then upto 1000 and final fifth up to 1800-1850 in the very long term remain.

long term target of $1452/1462 per ounce on international trade completed. movement till 1485 etc cannot be ruled out there is no sign of profit booking yet. very long term tgt 1586 and thereafter 1800-1850 still in place after a good amount of correction.

intermediate term tgt on mcx gold(cmp 21412 high 21459) still near Rs.22000/10gms, short to medium term tgts as given in reply in comments section 21460 above which 21800/21900. support below 20400.

my very long term tgt on mcx gold is Rs.27000/10gms, before that a correction to 18000 and if bigger one the to Rs.15000/10gms as per wave theory.

Silver:
silver continues strongly trending up.

on mcx silver(cmp 60483 high 60888) my tgt was 60000(not given here) but since it has crossed that, the next tgt could be about 63000, which is not far, with support at 56000.

Crudeoil:
http://valuetrading.blogspot.com/2011/02/mkt-aheadcrudeoil.html

wti crude oil long term tgts $105/110/112/bbl completed in style. tgt of 120 remains. support near 96.50.

if tgt 120 is completed and wti crude stays above 122-123 then tgt to be revised upwards to $130/bbl for long term.

on mcx crudeoil(cmp5030 high 5098) my short to medium term tgt of 4940 and 5100 and support below 4400 as given on twitter and this blog is completed in style, still no sign of profit booking, if wti crude goes to 120 etc then mcx crude will also go to much higher lvls, current support below 4600.