Well charts tell you all, its sad that we rather than lookn at these charts follow word of mouth, news and rumours.
look at this nifty chart, if you see the bar for 8th, we closed below my support line(5174).
and we fall big time on monday.
now for monday closing, is below my support of 4985, also below 200DMA (4979).
well we all feel that we r botomming out, and we should move up, however charts dont yet suggest that.
now 4895 will be a resistence, and a closing above will only show some ray of hope. on the dwnside, we may touch 4710( remember this level while tradn today for sure) and recover.
the red lines that you see is called FIBONACCI levels, which is used in conjunction with other indicators, however by just following these levels and not knowing anythng else atall, u can trade successfully more than 80% times.
so please stat respecting these levels.
as of now, short on evry rise till we are not above 4895.
