August 29, 2010

  • Nifty's negative divergence is starting to show its effect. The channel support line is broken. RSI support line is also broken.
  • We have a convincing close below 5 day low ema. 
  • Index has closed below 20 day sma. But the down move was halted by the 50 sma on friday. If index continues to trade above 50 sma we may see another up move from here.
  • The third chart shows the main support line for nifty. The support line will be tested if 50 sma gets broken. If that line gets broken we have a major trend change in nifty daily chart.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore