August 26, 2014

Market outlook

Trend is up with support at 7540. Minor supports exists at 7800-7850 range.

This rally from 7540 has taken 12 days... so for any trend reversal, 7540 must break in less than 12 days.

EOD charts

Intraday charts

On 5 min charts, markets were rangebound. There was a sell signal on break of 7895... however this was a breakeven trade was stopped out above 7880 spot. Only the broker earned!

On hourly charts, trend is still up and will reverse on close below 7860 spot. Note that current trade would have given approx. 220-240 points profit.

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