Candle candle on the chart ......

We again made a doji on the last trading day - that is friday. The only thing with the doji made every subsequent day is that the lower wick is slowly but steadily increasing. But the fact remains and bulls have not given up the rally and the bears are still not strong enough to crack them. How long do we continue before we have a decisive win? Not very long now. All the indicators that were bullish are now started to hover near or about the overbought zone - it is not difficult to guess which way we go from here. When - or what will be the trigger - difficult to guess but whenever it will be - it is not very far away. But the answer may not be so simple or ready made. The bullish impetus too remain with the green looking international markets.

Europe opened flat - traded flat - fell towards the end of the trading session - and finally on seeing US I suppose they finally ended green. The FTSE was .21% up, CAC .77% green and DAX .28% green. US opened negative but immediately on opening started recovering and never looked back thereafter. So much so that it closed on an average 2.5% up - and that's quite a closing. The reason was simple - crude fell it went down to the 114.7 $ marker before making a recovery and settling to 116.2 $ - and it is a reason to rejoice no doubt. US finally ended with Dow up 2.65% green, Nasdaq up 2.48% and S&P 500 up 2.39%. Asia taking these cues opens up - Nikkei presently 1.83% green and Strait Times 1.13% green. If we sustain these greens for another three hours - our green opening is certain. Gorgia is one issue that we are closing our eyes on - watch out if the situation there does not improve. We are having enough trouble spots for us to have one there. War will unsettle the oil and everything we are now seeing falling in line.

What do the candles say? Candles - Doji (trend less indicating reversal), MACD bullish and does not waiver. ADX bullsih. RSI and StochRSI are giving a divergence - no divergence is good. SlowStochastic is bearish with the redline below the blue and dropping down. Jaggu says that TRIN is bearish. TRIX however is still looking up and Mass index indicates trend continuation. All in all we can still break our higher resistances. 5 EMA is above 20 EMA and 20 EMA at this rate likely to cross 50 EMA.

A green open may be a foregone conclusion - it is how we sustain this uptrend that would be interesting. The levels on the upside now are 4600 and lower side 4400 on nifty. Best of luck to all and may you make tons of money.

** some late news - assault on Gorgia continues, 11 dead in series of bomb blasts in China, Musharraf in a dock.