Monday, November 14, 2011

1st time working on Fib levels

Hello everyone. I need to be back on December, but due to some personal reason I am back. So I taught to post my review for this week

As I have told you I was likely to see a “Double Top”, I went wrong L .  But as I had told you that market will once again slide down (Taking a risk). I was right, once again. I have also predicted a negative crossover in MACD. Hurry I was right. Last week I had given you 2 possibilities.  Fortunately I was right and plan B never worked for me.

As I have told you last week that, it will be too early to spot future supports. Know I have started to think of supports. Getting into market once again, the recent breakout of support had made market to move once again into that rectangle. Know the real sentiment of market will work. Currently market is having a support at 17062. As we have seen a poor MACD signal I am confident that market will easily break this support. Testing lower supports.

Actually I don’t have my handy book “as my friends are having there exam this month end, I have given my books to them. Even though there syllabus carry a negligible part of Technical Analysis my friends were really curious to know how Technical Analysis work etc..etc..”. Being a Marketing student last week I took a class covering 2 Modules of Technical Analysis for my Finance buddies. My friends were satisfied as I gave more than what they need to. Most of my friends rise there eyebrow when they hear Technical Analysis. Let me be clear Technical Analysis is the easiest Chapter. The only thing is you need a right person and a right material/ resource.

As I don’t have my book I am unarmed. I have never worked on fib levels and this is the first time I am using it. I hope my analysis go right as it use to…. I have given you the different support levels by Fib retracement level. Hope market follow Fib lines… I have pointed my support which I feel may turn into a good supports.