May 26, 2011

Nifty Near Important SAR level

  • Nifty is near an important Support and Resistance area and an important place for bulls 
  • The support line of the triangle shown in weekly chart may stop the fall. If that is the case then we will see an up move towards the resistance line of the triangle. 
  • Closing the week below 5300 may make this pattern invalid and bears will be happy to see it.
  • RSI in Daily time frame is showing small positive divergence But price has to confirm.
  • TRIANGLE POSSIBILITY AND THE CURRENT DOWN MOVE WAS DISCUSSED HERE

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