Following 4 resistance ranges were posted yesterday in Technical Analysis and Market Outlook(18-09-2014)
1- 8022-8040
2- 8052-8060
3- 8090-8127
4- 8140-8170
2 resistances have been crossed and 3rd resistance which is strong also has been tested in blasting rally of today. Long and Intermediate Term Trends are up and and now Short Term Trend is sideways between 7924-8170 because still higher levels resistances and lower levels supports within this range. Certainly strong rally today and it was expected also because most time good consolidations yesterday.
As no selling patterns seen yet and higher levels consolidations also being seen therefore rally continuation is still expected. Until complete follow up selling will not develop till then next down moves will not be considered. Follow up consolidation within next resistance ranges(8090-8127 and 8140-8170) and its valid break out will mean fresh strong rally after Short Term Correction completion.
1- 8022-8040
2- 8052-8060
3- 8090-8127
4- 8140-8170
2 resistances have been crossed and 3rd resistance which is strong also has been tested in blasting rally of today. Long and Intermediate Term Trends are up and and now Short Term Trend is sideways between 7924-8170 because still higher levels resistances and lower levels supports within this range. Certainly strong rally today and it was expected also because most time good consolidations yesterday.
As no selling patterns seen yet and higher levels consolidations also being seen therefore rally continuation is still expected. Until complete follow up selling will not develop till then next down moves will not be considered. Follow up consolidation within next resistance ranges(8090-8127 and 8140-8170) and its valid break out will mean fresh strong rally after Short Term Correction completion.