May 9, 2014

Weekend update

Nice to see a strongly positive close after a long time. The icing was this happened on a Friday so expect more gains from here on.

This is how the EOD charts look...

The H&S pattern obviously gets negated (this would have been had 6640 broken) so forget any correction and henceforth consider 6640 as a strong support/ important swing low.

On a negative note, VIX shot up by almost 10%.

Weekly charts are bullish with SL at 6600. That the gains came on the last day of the week is an important factor.

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