30 min chart 20.1.11
Prices did not move towards White median line as expected.The move down earlier in the session was a sideways move and closer to the white UML.This type of move indicated there is a change in the market mood and post 2 pm the swift upmove above the Green UML and above the 50 sma confirmed the minor reversal.Closed my short position as it was close to my stoploss point though the commencement of any uptrend is yet to be confirmed.Will enter longs on pullbacks tommorrow.
Daily Chart 20.1.11Drawn a schiff median lines from the recent pivots.The target of price meeting LML at around 5500 levels is still not reached.Todays positive move after a lower open and closing higher than yesterday indicates a minor reversal.Whether the low has been done for this swing will be confirmed only if todays low is protected for the next few days.Resistance are at 5850 - 5900 levels if todays upmove continues .
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