22.03.11_Tuesday

30 min chart

Price moved around the median line , zoomed thro and retested the Magenta median line on 21.03.11.Todays higher open confirmed the retest and bounce was anticipated.The price met the pink schiff median line during the day resulting in a minor pullback.Last 30 min bar is positive.There is a confluence of resistance points closeby

- major orange schiff Median line with two support points tested at this line earlier which can become a resistance level.

-UMLH ( magenta of the current downsloping pitchfork

-50 % R of previous swing.

This resistance zone is at 5435- 5441.Maximum price move can be till 5463 as shown in 5 min chart.Only the price move with momentum above 5535 will give bulls hope.Till then the volatility with moves on either direction will be the case.

CMP: 5418

Resistance zone:5435-5441-5463

Trade plan:To sell at 5445 SL 5470 once it tests resistance levels and moves downwards.

5 min chart