- Microsoft corp is trading near an important weekly trend line.
- Violation of the trend line can give good correction for the stock.
- The second chart shows the Moving averages for the stocks. Stock is trading below its 200, 50 and 20 DMA.
- So a reversal in Weekly chart can only happen when the stock closes above 20 and 50 DMA in daily chart.
- 23.4 is very important support for the stock. Break of this level on closing basis will favour the bears.
September 12, 2010
- Bank nifty continues its up trend trading within the weekly channel.
- The current move may find resistance at the top of the channel.
- This post is the continuation of bank nifty analysis that was done last week were the upside possibilities and range of bank nifty was clearly mentioned CLICK HERE TO SEE IT.
CHART - II
- As we discussed below reliance has achieved 993. Now if the stock continues to trade above 993 first target would be 1007 above that it can target 1030
CHART - I
- Reliance industries is trading at an important level at 958.
- Stock is also trading near its 20 DMA.
- Trading above 958 and 20 DMA stock can target 993. But the stock is finding it tough to move away from its 20 DMA.
- Smaller time frames are showing a range of 951 - 969. A good close above or below this range can give good direction for the short term.
- Gmr Infrastructure is in a triangle pattern in weekly chart.
- Stock is approaching the apex of the pattern. So the pattern may give a breakout soon.
- One can keep the stock in watch list for future trading opportunities. Enter towards the side of the breakout with a small stop loss.
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