Tuesday, May 3, 2011

Careful here !


This time the b shaped profile from yesterday worked well to the south side despite all the volatility in the BN futures in the morning.

NF stayed well below 5637 all morning.

So we have broken out of the previous range and now seem set at the top of the previous bracket between 5570 and 52XX .

There is a balanced profile at 5565 as an HVN ( not in chart) and should be an important ref level on the downside.

A rejection of this level, can act as a catalyst for a move through the previous balance and visit lower near 5350

4 comments:

bizagra said...

Dear Shai, that means break of 5565 can visit sub 5200 levels??

Vtrender said...

yes Bizagra, a break of 5565 and today's trending move added to the b shaped profile can mean a start of a new IPM

Vtrender said...

a technical bounce if any after today, if it fails to take out 5714 spot, we see lower levels

manu said...

shai..i missed this post..
u didnt updated on chat box