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NIFTY EOD ADX |
saikat
White Belt
Joined: 31 Mar 2008
Posts: 317
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Post: #1  Posted: Sun Oct 26, 2008 6:56 pm Post subject: NIFTY EOD ADX |
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Hi,
Please see the EOD chart.
The historical tops for ADX have been around 50-52. With only one time going to the level of 64 (July 2003 - after Nifty rallied straight from 920).
Right now ADX is at 49, almost near the top.......
This ofcourse doesn't mean end of bear market or a rally from here. But the mad rate at which market was falling last 3 weeks may get arrested soon....
Any sideways movement also will bring down the ADX and may give temporary relief...
The first sign of ADX getting flatten out may be time when positional shorters should cover their shorts.
Weekly ADX however is only at 29 level and in last 3 years it has also reached 50 couple of times.... it is suggesting there may be still a huge fall awaiting us
Regards,
Saikat |
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