Technical Forecast for August 3rd - 7th, 2009

Technical Forecast for August 3rd - 7th, 2009
By
Khalid Saifuddin
Sunday Aug, 2nd 2009
Hi Folks:
My last week call for selling pressure honored and for we have seen four consecutive negative trading days, and then all of sudden market recovered its most of the lost points, well guys I am not convinced with the Friday move. Once again I want traders to get out of fantasies and face the reality, I may be wrong but technically I am not looking at any bullish rally. Now foreign investor portfolio is also showing some outflow consecutively in last four days of week, though people are calling SC decision a remarkable victory for country, but here I see lot of hided issues, which will be come under lime light this week. Volumes were fair enough, but I am feeling increasing volatility with low volumes for coming week.
Key Levels
R2 7867
R1 7790-7808
S1 7575
S2 7492
S3 7268
Bears are still behind Bulls
High Volatility expected
With Low Volumes
Recommendations: I suggest my clients and readers to target their offloading on immediate resistance and wait for trend to establish. It is always better to do some risk management. Don’t you think it is better to enter in the market for low profit instead of having risky trade?
It is recommended to short/immediate offload on certain scrip for now, and most of them on resistance levels.

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Disclaimer: This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. We accept no liability whatsoever for any loss arising from any use of these levels. However the author DOES NOT GUARANTEES the accuracy of information provided on this report and is NOT RESPONSIBLE FOR ANY ERRORS AND/OR OMISSIONS.