As expected Nifty Futures touched the resistance line of expanding triangle. We may expect a pull back from the resistance level. If the resistance level is taken out with good volumes, then we may expect further up move. Next target may be the height of the last leg of expanding triangle. Expanding triangles generally form when there is lot of uncertainty, one must go with strict stop loss to enter long at that time. Below is the 5 min chart of nifty futures:
Wednesday, June 10, 2009
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