Sunday, May 11, 2008
Nifty Short Term Update - On the Brink - May 12th 2008
Well folks, we are very close to the 4950 area which I forecasted we would reach sometime back...Chart updated and attached with some comments...The channel needs to hold for the bullish case to remain alive. It is very probable that we will have a short term snapback higher sometime during the day.
4950-4930 area is key today. The bulls will try to hold this at any cost.
Postional Update - Shorts which I took on Friday highs - I will probably cover these sometime today and go long in very very small amounts. I will try to post this in real time when I do so.
Make no mistake, markets are still weak but a bounceback can happen - Infact looks very likely unless some very bad news comes out.
Have a good trading day.