Nifty ending the downmove

Nifty met the resistance at 5950 levels yesterday at the red ascending pitchfork.Today moving up further could not pass thro 5960 levels and came down further to reach the Lower median line pierced thro and closed at 5851.Expecting the price to halt at 5775 levels and REVERSE.

This is the confluence of longterm median line support and lower median line of the major pitchfork being followed during this downtrend.Looking out to close all shorts in the morning hours of 25.11.10.

24.11.10 15 min chart

60 min chart show divergences in stoch and prices which is indicating strength and possible end of downmove.

Daily chart The stoch readings are oversold and ready to turn up.

Outlook:

Confirmation of upward prices and strong moves tommorrow will turn the short term trend up.

Strong global moves in world markets at the time of this post is a positive sign.

Looking forward to a great day tommorrow :-)