Nifty at important barrier!

Nifty zoomed up 20% to touch an important trend line from below. This trendline was the support for the entire bull market from 2002 to 2008. After forming a trough, Nifty zoomed up on Monday 18th May, 2009 and touched this trendline. Now it will require a lot of money to push Nifty above this trendline. Nifty can go higher as the trendline is trending higher but failure to close above this trendline and sustaining over it will be the key. Markets are tremendoulsy overobought and an investor or trader should wait for markets to stabilise and volatility to decrease before taking a further call. As for me, I am selling today now that markets are out of the "frozen zone"

The image is of Nifty in weekly time frame from 2002 to 18th May, 2009.