Daily Technical Report, 13.06.2013
Daily Technical Report, 13.06.2013
Daily Technical Report, 13.06.2013
Formation
The 20-week EMA and the 20-day EMA are placed at 19378/ 5875 and 19754/ 5991 levels, respectively. The 89-day EMA and the 200-day SMA are placed at 19443/ 5897 and 19095 / 5790, respectively. The weekly RSI and Stochastic momentum oscillators are still negatively poised.
Source: Falcon:
Actionable points:
View Bearish below 5732 5669 - 5650 5793 5830
Trading strategy:
For the third consecutive session, our benchmark indices posted a closing in the negative territory. During the session, indices breached the 61.8% Fibonacci retracement level of 19022 / 5764 and corrected towards the mentioned support level of 18870 / 5732. This level provided a decent support and as a result, indices bounced to eventually close near 19022 / 5764. Yesterdays price action has resulted in formation of candlestick pattern, which resembles a Spinning Top. An occurrence of such pattern near support level indicates uncertainty among market participants. Hence, any sustainable move beyond yesterdays high of 19143 / 5793 may attract intraday buying interest in the market. In this scenario, indices may rally towards 19271 19395 / 5830 5869 levels. On the flipside, if indices sustain below 18870 / 5732, then it may slide towards 18673 5669.
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Actionable points:
Source: Falcon:
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Research Team
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Head Technicals Technical Analyst Technical Analyst