December 10, 2010

Nifty Daily Analysis

  • First chart shows the well known 50 DMA resistance and a close below 100 DMA.
  • The next two charts shows the weekly resistance which can act as support. Some more down side to go for those levels to reach. 
  • According to the line chart we should not break below 5690 for the resistance turning support chart to work.
  • Next chart shows the trend line from the lows made in February 2009. If this line holds the index from falling further we may get a bounce.
  • Last chart is were we are waiting for a weekly close to get confirmation of another bearish engulfing in chart. It will be rare to see two bearish engulfing in the space of 5 to 6 weeks if it happens.
  • S&P 500 EOD ANALYSIS (INVERTED HEAD AND SHOULDERS PATTERN)

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2 comments:

  1. PrabakarDecember 10, 2010 at 9:06 AM

    Good Morning San,

    Thanks for the great analysis on charts. This provides the clear picture.

    ReplyDelete
  2. SanDecember 10, 2010 at 9:10 AM

    Thanks Prabakar

    ReplyDelete

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