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Showing posts from April, 2012

MCX Copper in Double Correction

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 MCX Copper continuous hourly chart From the above chart, the red metal is moving in a lower high and lower low formation and it is precisely moving in a falling channel Recently the metal faced the resistance of the channel and has broken the support today which opens further negative possibilities. As per wave theory, prices are moving in double correction pattern as per the chart (a-b-c-x-a-b-c) After completing first correction, prices formed wave x close to 740 levels and now since all the important supports are broken it is very much evident that prices are poised to falter and can move below its previous low in form of wave a of second correction. The summation is prices are poised to plunge near till 680-670 levels as far as 733 is intact on the upside.

Daily Technical Report 26th April 2012

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S&P CNX NIFTY – Daily Technical Report  26 th April 2012 Indices Close % Chg. BSE Sensex 17151 -0.33 CNX Nifty 5202 -0.40 India Vix 18.94 -1.61 Moving Averages CNX NIFTY 20 EMA 52300 Negative 50 SMA 5332 Negative 100 SMA 5127 Positive 200 SMA 5134 Positive Nifty Technical Levels Levels 1 2 3 Resistance 5264 5356 5438 Support 5161 5140 5081 Nifty Pivot Points for Intraday Levels

Daily Technical Report 25th April 2012

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S&P CNX NIFTY – Daily Technical Report  25 th April 2012 Indices Close % Chg. BSE Sensex 17207 0.65 CNX Nifty 5222 0.42 India Vix 19.25 -10.75 Moving Averages CNX NIFTY 20 EMA 5309 Negative 50 SMA 5333 Negative 100 SMA 5121 Positive 200 SMA 5132 Positive Nifty Technical Levels Levels 1 2 3 Resistance 5264 5356 5438 Support 5161 5140 5081 Nifty Pivot Points for Intraday Levels