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Friday, July 8, 2011

Nifty channels

When the Nifty hit the 5740 and returned today , it actually hit the UPPER trend line of another PERFECT PARALLEL CHANNEL . When we join the two points marked by arrows with a straight line , the parallel line to it , when drawn from the November 10  highs stops STOPPED the NIFTY today . It was also the 200SMA.
So there we go , got another channel , the BLUE ONE , along with the familiar RED one that we had been watching.

 A DARK CLOUD formed .Technicals overbought and TURNED .Looking for a resumption of the BEARISH TREND.

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