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Tuesday, April 5, 2011

Nifty So close

We are so close to crucial trend lines. In the daily chart below we also see the death cross turning to golden cross ( atleast for now).  We should try to touch that red trend line tomorrow. Bears would like to see black candle there.

Daily technicals are overbought. We also see divergence in the 90 min chart Markets will try o touch crucial trend lines . We are almost in a similar position when the markets reversed after touching that blue line.

5915 is the 73.6% retracemnt from 6180 to 5177. 5966 is the 78.6% retracement level.

I get the feeling markets wont be up too high from here by looking at the reliance chart . If the MArket has to go higher reliance has to support it . Reliance is finding it hard to break the trend line resistances. Also showing divergences in the 90 min charts.


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