Wednesday, May 15, 2013

Indian market at important levels

I was forced to come back from my blog hibernation due to the action in the Indian markets, or to be more specific, due to the chart shown below which I just had to share. Following is a 10 year chart of the Indian stock market. Quite a beauty, isn't it? The index has increased by about 7 times in the last 10 years. Made highs of ~6320 in 2007, after which it retraced 66%!! Retested the highs in 2010 only to head lower again. Well, it looks like it is going to be testing those highs again in the near future.

Its been four odd years since I got interested in trading and that means, four odd years of using Technical Analysis. But charts like the above, exhibiting a perfect ascending triangle, still continue to amaze me. Gotta love TA! Respect.

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Take care and good luck!

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