Today is my easiest day to write about what markets will do next. I don't know, how many of the regular readers of my blog in the past would continue to read today and from here on to know what I am writing. I don't need to scratch my head like what I was doing over the week end, what would change the sentiment in the street. (Otherwise I would not have got those 8 points for Monday's pre-open). All of a sudden, this market has now changed from "no buyers" to "no sellers" market.
On Tuesday, Mar 20, pre-open, I wrote " And above 12900, we get the Bearish signal reversed pattern in P&F charts". I checked my P&F chart site just now. Yes, that has happened. Their target is 14200 now. Please visit the link given below: http://stockcharts.com/def/servlet/SC.pnf?c=%24BSE,P
Should I really quote what world markets are doing as of now? Shanghai composite has just made the new all time high. Dow & Nasdaq 100, has rallied past the previous high levels and thus confirmed the uptrend there. No surprise when Dow crossed 12351, it went higher. Kospi was already hovering around previous highs for last two days. It is trading above this as of now. Strait Times has rallied past the previous high.
Well, I didn't quote what FOMC chairman Ben Bernanke said about inflation and US economy. A true Technical Analyst will say everything is built in the price.
Well, finally, if you are reading for the next resistance level for the market, it is going to be 13300-13400, the falling Gap that was created on the Budget day.
And I think this is enough for the day. Happy Trading!
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