Tuesday, March 10, 2009

Market update - Mar 10th '09

Even if the pace of selling may be abating a little, there is no reason to believe in a recovery in the short term. We might have an Up day today, but this contrarian trading should be restricted to lower time frames, and we'll watch 687-690 which a strong resistance area.

On the 60mins front, we do have some mild support on current levels and the daily chart also shows a MTFS crossover indicating a possible short term bounce, but again, no chance of a change in trend any time soon.

Here too, we seem to see some slowing down in selling, yet support is lower in the 656-661 area.