Indian Charts: CNX IT

Saturday, October 1, 2011

CNX IT

The Nifty have been riding this pullback mainly on the back of the IT index. Chart below shows the index is channeling and is now hitting the upper channel line. The upper Bollinger band has also been hit. And it has also retraced 50% of the BIG fall.Divergence is seen in CCI(8). Its striking on the same price resistance for the past 3 days and unable to clear it. Looks like it is coming down soon from these levels.

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Words of WISDOM

"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

---Jesse Livermore

"What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favoured my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time. No man can have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play."

--Jesse Livermore

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Saturday, October 1, 2011

CNX IT

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