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Friday, June 17, 2011

Nifty Update

Last Hope for BULLS. Trend line Support. RSI showing loss of momentum. Indicators in OVERSOLD.

I never expected this much correction . But Greece and dollar to blame. But with news about a 150 billion dollar  Bailout, we might see the final down move in dollar and spike in stocks. The dollar has failed to break 76 and now moving down. China has also come to support . This doesn't not mean that Greece will not default but surely will buy some time . Definitely hoping for a rally from Monday . I can already see the Global Dow , and other indices rallying. Not exactly sure how far this will go (IF IT DOES RALLY) . 5600 looks achievable. 5700 may be too . This will DEPEND ON HOW MUCH LOWER THE DOLLAR MOVES.

Below  is a chart i found in danerics site( . One more move down should help to reach 5700.But not sure . Will have to keep an eye on the technicals for any hint of the UPMOVE.

So the DOLLAR IS THE KEY. Keep an eye on it . If it moves below 72.87 (last low ) then we can HEAD upto 5700.

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