December 3, 2011

NIFTY Weekend Update

  • Price has closed above 50 Day SMA. MACD is showing a good buy signal.
  • For bulls price is approaching a cluster of resistance in the form of Week High EMA, 20 Week SMA and the Golden ratio which might succeed in slowing down price momentum.
  • If 50 SMA continue to hold we may see price breaking the resistance levels mentioned above.
  • Bears would be hoping that price gets resisted near golden ratio and close below 50 Day SMA. 
  • So in short if bulls are able to face the approaching resistance levels and protect 50 SMA then this rally will gain further momentum on the upside.

1 comment:

  1. Sir i would like to know in which wave r we trading based on elliot wave theory. I would also like to bring to u r notice the positive divergence shown by the macd daily with market making a new low. & thanks for u r blog its excellent