Weekly Review for the Week May 25th – 29th 2009
We said ‘Technically I would still maintain that the trend is still intact up and has not been compromised. Our technical targets of 12569-12858 still stand valid. We have a strong cycle day approaching on 18th & 19th May, which are known as typical Pressure days. These are simple pressure days but attain importance on Pressure Points, which are 12569-12858, and until then I would say that the market is UP.
The market unfolded super strong and closed positive. Our pressure day of 19th may 2009 also did its trick and so far a swing high has also been formed.
The trading pattern for the week though positive has thrown a crucial support at 13611 and I would maintain the trend as still intact up as long 13611 holds.
The crucial supports are at 13611 and resistance to the up move is at 15000-15440
The crucial supports on the way down are at 3925 and resistances on the way up are at 4500-4580
From a trading point of view I would stay long as long as 13611 holds with close trailing stops to protect profits
source: Prakash Gaba
Tags: india stocks, market outlook, market tips, market trend, prakash gaba, shares, stock market, weekly review
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