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  • CNX IT : Interestingly Poised 0 comments
    Jun 2, 2013 9:52 AM

    The CNX IT seems to be in the final stages of an ascending triangle.

    (click to enlarge)CNX IT Index

    Each upward bounce has been from higher levels from 6347 (May 16th). Each downward bounce has been from a narrow band from 6476.55 (May 10th) and 6500.40 (May 22).

    The longish candle on May 31 occurred on lower volume. This suggests that there will not be a follow through upwards immediately - that there will be at least one more minor move down.

    Even so, if the move down lasts more than a day or two, it would negate the entire ascending triangle.

    (click to enlarge)CNX IT May future

    The CNX IT May future ended on May 30th. The pattern is almost a rectangle. The expiry day was a bullish harami.

    (click to enlarge)CNX IT June future

    The near future (June 2013) presents a rather confusing picture.

    So, if the CNX IT closes down on lower volume on Monday, and then moves higher on Tuesday, we could see a quick move upwards. The target is approximately 6750.

    No trading signals have been generated yet. If this ascending triangle works out, the signals will appear on my trading blog.

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