January 24, 2011

" P " shape Profile

Today Open Type was Open Auction and then IB Breakout alerted for possible trend day development, however NF couldn't sustain at high of 5759.50 which happens to be high for last 6 days. shape pf Profile looks like  'P' which is sign of short covering, for any strong upmove we need new longs now else  down trend can resume anytime.
On daily charts POC shifting  higher which is bullish but close above 5750-60 is needed for any clean move up,otherwise this zone will prove major resistance ahead.
Tomorrow is RBI policy, so trade wisely as volatile session expectd.
Stocks - Educomp and Union Bank Can be traded with positive bias.

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