weekend charting easter, page-69

Someone asked for thoughts on NSE...

It closed below 16c on Wednesday which was a key support level IMO. I think it may get down to 14c which is roughly the 50% Fib retracement. Failing that 13c should provide strong support. Basically its probably going to be a slow grind down aiming for round cent numbers. All of the round cent numbers down to 10c have supportive properties so it really could be any one of them, but 14c would be the key level here IMO with the 50% Fib level. Its also the bottom of a gap from Oct 08 and previous horizontal resistance which should now act as support.

Price is making lower lows and lower highs and is in a medium term correction IMO. Theres negative divergenc in MACD which is also pointing down.

RSI is channeling down with price confirming the correction and is approaching the top of the channel indicating short term price may be overbought.

Acc/Dis is also converging with the correction.

I think the long term trend is still up, its just having a medium term correction so I would be looking for a breakout of the current descending channel (the lower lows and lower highs), with confirmation from the indicators with a target of 20c ish...especially if it can hold the 14c mark being the 50% Fib level.