Tuesday, September 14, 2010

Update on The Ultimate Momentum Signal - 14th Sept. 2010

Bulls on  Rampage ... !!!

The expected mad scramble to get in to the stock rally, as envisaged in the posts dated 23rd Aug. and 9th Sept. 2010 was unleashed on Monday, the first trading day of the new week. As already stated in the previous posts strong bull markets have no real resistances and therefore the selection of a target is a difficult process. Just waiting for the rally to end by its own is the best option to traders now. 

   Nifty Futures - Daily Chart    

The high and low of Monday's gap in the Nifty futures may act as supports on any consolidation from now on. These supports are at 5640 and 5670 as shown in the chart.

Nifty Index - Daily Chart

The above picture is self explanatory about the breakout above the eleven month old upward moving trading channel.

Updated Momentum Signal Spreadsheet

The updated spreadsheet showing the Momentum Signal as at the close of the trading on  13th  September, 2010 is given below : 
Nifty futures and the tracked indices have closed with the maximum upward Momentum Signal values of +100.

Projected Momentum Signal Close Values

The projected levels Momentum Signal values applicable to various ranges of closing values of the Nifty Futures, Nifty Index and the BSE Sensex,  as at the close of next trading day, ie. as on  14th September, 2010, are given in the following table.
Please click on the table to enlarge. For more info on the above table,  please click here.  
As the market has clearly broken out of the trading range, the specific risk factor of the system indicating many whipsaw signals is withdrawn. 


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