April 11, 2010

Nifty Daily Chart technical analysis till 9th april


  • The ovals shows how smart money gets out of the market
  • We already had one round of profit taking last week
  • But fridays price action is an indication that there is some more upmove left.
  • The channel is getting converged so a false break out toward the weekly channel top is possible.
  • We will see the second round of profit taking at the weekly channel top if we get there.
  • The daily stochastic, cci is in overbought status so look for  negative divergence when it goes pass 5400.

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