March 2009 rally closed at new high with intraday selling patterns within 5845-5870 yesterday. Indicators position is as follows:-
1- MACD- Difference between both lines has been increased. As both lines have tendency to converge after divergence therefore convergence possibility has been developed after sone selling.
2- ROC & RSI- Lines in both indicators have entered into overbought zone. Although no divergence but indicating possibility of minor correction through being overbought.
3- Stochastic & Willian %R:- Both very short term indicators are overbought and also telling possibility of minor correction.
As intrady charts did not showed selling patterns therefore correction did not started yet and after yesterday intraday selling patterns minor correction possibility has increased. Yesterday trading range is resistance and immediate support range is 5775-5810. Today first expected trading range is 5790-5870.
After 1 day intraday selling patterns only minor correction can be predictd and that is expected today. Today follow up moves and break out of 5775-5870 wil give next trend confirmations.
Today trading levels are as follows:-
5890- Resistance and not expected to test it today.
5840- Trading its near about expected today.
5790- Support and its testing expected today.
Minor intraday correction and trading within 5790-5870 and Red cloing expected today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
