December 15, 2014

Market outlook

Trend is down and will reverse on close above 8630 spot.

Within this downtrend, markets have taken support at 8180... this is along expected lines so no surprises here. What is important from here on is how the markets will behave from here on.

A small rally or time consuming rally will see formation of  a lower swing high followed by new lows. Bullish contention will require a fast breakout above 8630 spot.

EOD charts

Fibonacci retracements for this rally are as follows...

Intraday charts point to rangebound trading....

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