Thursday, July 8, 2010

TREND WATCH-JULY 8


TREND WATCH------

· Last swing high is at 5297. (Lower high)

· Last swing low is at 5225. (Higher low)

· In the medium term,

--- Nifty is in corrective down move (From 29th June) with targets of 5210**, 5170, 5130.

--- The down move will ‘terminate’ above 5339.

· In the short term,

--- Nifty is in down trend (from 25th June) with targets of 5260**, 5230**, 5200**.

---The down trend will terminate above 5297.

(Targets are +/- 20 points, ** means target achieved)

IMP. NOTES----

· Nifty traded in average range of 64 points between 5233 and 5297. (Range expansion).

· Swing high of 5397 formed now which is lower than previous swing high of 5320.