December 10, 2014

Market outlook

Short term trend (hourly charts) is down ... EOD trend is still up and reverse on close below 8300 spot.

My swing indicator SL is 8300 (20 days low).

Those who like to focus on MA should note that 50DMA is 8210 spot.... this level is NOV month low.

Option writing is giving mixed clues... writers expect 8300 to break but they are not expecting a big fall. They also do not expect markets to cross 8600 in immediate future.

EOD charts

50 DMA is at 8210 spot.

Intraday charts:

Intraday charts show appearance of support at lower levels but no follow thru buying. Pattern indicates likelihood of downtrend resuming... confirmation would be trading below today's low (8315 fut).

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