- Nifty is showing bearish price action.
- Price has fallen below the middle bollinger band in both daily and weekly chart.
- Price has given a bearish engulfing pattern in daily time frame.
- But a trending down move may only happen when price closes below 5 day low ema which is yet to happen.
- Bearish Engulfing pattern needs confirmation. A long black candle or a high volume sell offs can be taken as confirmation for bearish engulfing. So in this case breaking 5550 and further breakdown below 5496 can give clues for a breakdown.
- When price breaks 5496 the MACD sell signal may start to work well.
- 50 DMA is @ 5506
- D Day Low Ema is @ 5556 (Yesterday's Values)
- NIFTY - 5 MINUTES HEAD AND SHOULDERS UPDATED
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
July 21, 2011
NIFTY Daily Analysis
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