September 19, 2011

NIFTY Weekly Descending Triangle Update

  • If week starts sustain above 5195 or a weekly close above 5195 Then the positive divergence shown above will starts to show its effect. This also may lead to the failure of descending triangle pattern which is bullish. 
  • As of now price is staying in the lower part of the channel as shown in the last chart. Above bullish possibility will be possible only if weekly candles start to close above 5195. Bulls should also keep in mind the GAP between 5230 - 5300 if price gets there.
  • A similar Descending Triangle Failure played out in GOLD Four hour chart last week.
  • GOLD DESCENDING TRIANGLE POST UPDATED
By at

6 comments:

  1. chetanSeptember 19, 2011 at 8:01 AM

    GOOD MORNING.

    ReplyDelete
  2. SanSeptember 19, 2011 at 8:17 AM

    @chetan
    Good Morning

    ReplyDelete
  3. golfdudeSeptember 19, 2011 at 8:19 AM

    @san,

    Awesome channel. Learning so much from your charts. Keep up the awesome work.

    ReplyDelete
  4. SanSeptember 19, 2011 at 8:32 AM

    @golfdude
    Thanks

    ReplyDelete
  5. golfdudeSeptember 19, 2011 at 8:44 AM

    @san,

    Your weekly chart, the last week high we went till 5140. It is not clear from chart as last bar seems lesser.

    ReplyDelete
  6. SanSeptember 19, 2011 at 9:28 AM

    @golfdude
    Last week high was 5413 and the week before that it was 5169

    ReplyDelete

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