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| Discuss Major support at 5550 broken! at the Equities within the Traderji.com - Discussion forum for Stocks Commodities & Forex; As promised, for every 50 posts made on this forum I would make a one ... |
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#1
18th March 2004, 10:56 AM
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As promised, for every 50 posts made on this forum I would make a one new post. So here I am.
The BSE Sensex has broken a major support of 5550. The break of support in a descending traingle pattern means lower prices ahead. So where will the market correct down to? To calculate the downside technical target please refer to the chart below. The technical target for a descending triangle is derived by measuring the vertical height of the triangle (the difference between 1 & 2) and applying this length to the new breakout level of 5550. Accordingly the technical target for the BSE Sensex is 4852.00 Traders and Investors can close all their long positions. Those of you who would like to profit from this downtrend can short the NSE Nifty futures contract. If you have any comments on this article please post them here. My next post will be when the total number of posts cross 100. Considering that we have over 90 registered members, I am sure that will not be long. So go ahead, articulate your thoughts and make a post. It does not matter if you are a novice or a professional. All I ask for is active participation. Best Wishes. Traderji 
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