Wednesday, April 21, 2010

Update on The Ultimate Momentum Signal - 22nd April, 2010

  Another Sideways Day and a Doji Candle ....!  

The Nifty futures again opened with positive bias on Wednesday and traded upwards till it reached a  high which was beyond the yesterday's selling area.  It reached  a high of 5265 which was very near to the trailing stop of 5270.  Unable to trade higher with no clear international cues, the futures traded down to reach a low of 5230.1 and finally closed at 5241. In the  process it produced a doji candle which indicates indecision by the market players about the future direction of the market. The technical position of the market has not changed in  Wednesday's trading. The trailing stop remains at 5270.

The European indices of FTSE and CAC closed lower by around 1 % after the new IMF proposal for a new 'bank tax' aimed at safeguarding against future rescue packages of financial institutions. Commodity stocks also traded lower. The US markets were trading mostly sideways at the time of this post. ( 11.30 PM IST ) 

  Nifty Futures - Daily Chart        



The Updated Momentum Signal Spreadsheet


The updated spreadsheet showing the Momentum Signal as on the close of  21st April 2010, is given below.


The Momentum Signal remained in the sell territory for the sixth day with  values of -100 for the futures and the index.

Projected Momentum Signal Close Values

The projected levels of closing values corresponding to momentum shift / neutrality / continuation as on the close of trading on 22nd April, 2010 are given in the table below. The table also include the projected closing values of BSE Sensex corresponding to momentum shift / neutrality / continuation.

  Please click on the table to enlarge. For more info on the above table,  please click here.

The triggers for the end of the downtrend have moved downwards and are placed at the trailing stop levels. The minimum values required for the resumption of the uptrend have  remained static.

 The trailing stop is at the 5270 level and is to be strictly observed. 

Cheers and Prosperous Investing and Trading !!! 
 

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