Seeking help

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  #1  
Old 4th June 2006, 03:22 PM
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sanefellow_213 is on a distinguished road
Default Seeking help



Dear Members,

I havent posted much on this forum.. coz i'm not intelligent or knowledgeable enough.. to have my opinion on the mrkts.. but nevertheless this forum has ignited an insatiable need to understand.. the mrkts i think which i cannot explain in words..Works of all the senior members and others is sure commenadable to bring knowledge and understanding to ppl who really need it.If i tell frankly before joining this forum .. i really didnt knew how to start.. or how to begin.. abt the mrkts..i guess it was like i was sauntering to find out the way.. then traderji happened

In this regard to understand the mrkts.. i have certain questions.. which i think ppl here can help me out.. I'm using the current mrkt scenario to understand that whatever i have learned here .. can b used in the real world or so.

Now the sensex has been moving in a broad range of 9800-10000 on the downside and 10950-11100 on the upside so if i'm correct(pls excuse if i'm wrong)then its making a rectangle formation which has earlier been discussed in other threads also.. n the projected distance works out to be 9000 on the downside and 12000 on the upside but if we look at fibo retracement levels then 9400-9600 looks a strong support area coz.. that's the 61% retracement for the daily chart and 50% retracement on the monthly chart so which is the more important support area.. moreover .. most of the momentum indicators such as RSI and MACD are in grossly oversold condition..n the sensex recently found support at its 200day MA.. now wht conclusions can we draw frm such a scenario.n moreover Mrkts are showing bearish engulfing pattern on the monthly charts.

So i would like all the members to comment on this data..

YOur important feedback will help me n others .. gain more knowledge..

I'll ask for forgiveness if in any way.. ppl think .. i'm trying to profit frm others knowledge.. which definately.. is not the case here..




Rgrds,

Sanefellow_213

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  #2  
Old 5th June 2006, 10:08 AM
jdm jdm is offline
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Default Re: Seeking help

Quote:
Originally Posted by sanefellow_213
Dear Members,

Now the sensex has been moving in a broad range of 9800-10000 on the downside and 10950-11100 on the upside so if i'm correct(pls excuse if i'm wrong)then its making a rectangle formation which has earlier been discussed in other threads also.. n the projected distance works out to be 9000 on the downside and 12000 on the upside but if we look at fibo retracement levels then 9400-9600 looks a strong support area coz.. that's the 61% retracement for the daily chart and 50% retracement on the monthly chart so which is the more important support area.. moreover .. most of the momentum indicators such as RSI and MACD are in grossly oversold condition..n the sensex recently found support at its 200day MA.. now wht conclusions can we draw frm such a scenario.n moreover Mrkts are showing bearish engulfing pattern on the monthly charts.
yes theres strong support at 9500. but the sensex seems to have got support at 200EMA levels. to my opinion as long the sensex dos'nt breach 9800 one can breath easy.

the weekly charts are showing long lower shadows. good signs duing a downtrend.

Quote:
Originally Posted by sanefellow_213
I'll ask for forgiveness if in any way.. ppl think .. i'm trying to profit frm others knowledge.. which definately.. is not the case here..
no need to. everybody out here, in some way or other, is enlightened by other fellow members. the most amazing fact of the market is that everyone has his or her perspective about the market. even those who haven't invested a single naya paisa in the market. and its really very important to have different perspective. do share your views.

cheers,
jdm.

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