Wednesday, August 25, 2010

Update on J200 end of the day

I wanted to update Top40 (J200) end of the day chart, as of yesterday’s close.

Top40 (J200) dropped heavily yesterday and just touched trend line. This is third touch and trend line is becoming more valid. Previous low at 23770 is not broken yet, so be careful today out there. Bias is on a short side, but we have lots of support around these levels.

On the bearish side - there is broken rising wedge with target around 22900 and that is still on cards.

Trade with trend.