In the very very short run, the market is still bullish. So my forecast for today's market is as follows;
1) If the market opens between 2538 to 2593. Buy after the market has retraced 13 points from the opening level. Be careful if the market's fall is in a very fast mode. If the market manages to beat up the level between 2608 to 2615, the market may go further up especially if the opening is more towards the upper part of the 2538-to-2593 levels. Make sure the 13 points range do not exceed these levels when the market opens. If the market manages to beat down the levels between 2500 to 2508, the market may fall further especially if the market opens more towards the lower part of the 2538-to-2593 levels. Make sure when the market opens the 13 points range do not be in these levels.
2) If the market opens between 2594 to 2603. Buy after the market has passed up the levels between 2608 to 2615.
3) If the market opens between 2528 to 2537. Sell after the market has passed down the levels between 2516 to 2523. The market may fall further if the levels between 2500 to 2508 are breached and a black bar may be formed today or at least in the early part of the trading day.
4) If the market opens between 2503 to 2523. Sell after the market has moved up a bit and then falls 5 points below the opening level. See also the bold letters as in # 3 ( if the market opens between 2513 to 2523 )
5) If the market opens other than the above, it is your call........
6) Trendlines?...If you are fimiliar with trendlines, look for 3 tops or 3 bottoms.
7) See also # 6 ( posting dated 12th january 2009 )
Well, if you are not sure......then you are not sure....
Have a nice trading day , guys...
10.00 am- 4