Global Financial Markets Quake
Technical Analysis and Market Outlook
(21-06-2013)
Technical Analysis and Market Outlook
(21-06-2013)
Fed's QE3 withdrawal created quake like situation in all global financial markets and US markets led free fall and crashing like reaction being seen all around. Long Term Trend turned down after confirmation of sustaining below 200-Day EMA and it means that more down moves as well as any sustained rally only after complete consolidations. As Short Term Indicators are oversold therefore Pull Back rally or Bounce Back may be seen any day but that will fuse after very Short Term up move.
No bottom fishing and mouth watering after seeing cheaper rates because markets touches extreme situations and completely consolidate before trend reversal,let it happen then will be updated in the same manner as was told with following lines in previous Outlooks:-
1- Technically Indian markets are prepared for down moves because good selling in previous sessions
2- finally down moves below 5807 are expected tomorrow despite whatsoever declarations from FOMC tonight.
3- Finally down moves are expected because today up moves are news based only and expected that Nifty will not sustain above yesterday highest(5854)
4- may be intraday volatility also because selling patterns formations seen in first hour today.
5- weakness is still expected despite trading near higher levels of today after recovery from lower levels.
6- higher levels selling patterns formations today and suggesting more weakness.
7- follow up selling and sustaining below it will mean last Friday started Pull Back rally termination.
As Markets are not moving on technicals and reacting Global news today therefore Charts analysis is not being posted today but detailed analysis with next possibilities and targets will be updated in the weekly analysis of next week.