Nifty Future chart September Series :
Perspective : Our markets factored in no QE3 from the FED on friday and most participants played for a move lower. We however noticed a poor structure for the last 50 points of the down move. The US markets actually rallied on no news from the FED instead of tanking as everyone feared. The global markets from Asia are reconciling to that move in US markets this morning.
Back Ground :-
1) Huge gap between 5325 and 5233 which is a single print seller.
2) A new IPM from 4817 which will resist all upmoves
3) break of 5 day balanced profile is downwards.
Chart Speak :
– Balanced profile broken downwards.
– structure of the second part of Friday is weak and should be addressed today
– 4817 and 4890 will be resistances to all up moves.
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