Thursday, August 11, 2011

>Technical Update 11 August 2011 NSE DOW NASDAQ

Dow (10719) - Chart structure suggests that this downmove is first part of a larger downmove which can take 3 to 6 months to complete. The first phase of downmove can complete around 9500-9750 area from where we can see a bounce to 10500 to 10750 area and after that second down move can start.

Nasdaq (2381) - Similar to dow. Slip to 2200-2100 and then bounce to 2300-2400 and again slide down in second leg.

Targets and style of second leg would be discussed after seeing completion of first leg down, so watch this space again in a few days.

NSE Index (5150) - to slide a maximum to around 4700 (+or -100 points) levels from which we should see a good jump up. Can be used to buy call of 5000 levels or start short term long positions.

No comments: