- Bank nifty's range in weekly line chart is shown in the first chart.
- Down trend line in weekly chart has been violated a shown in 2nd chart. this favors the bulls provided 10600 is protected.
- Daily chart shows resistance at 11360 levels. Price should also move away from 200 DMA for a directional move to happen. 200 dma sometimes has this magnetic effect, price tend to move around it for sometime and then moves away from it.
March 6, 2011
- CSCO Weekly chart shows a possible support line from which a bounce can be expected.
- But a reversal candle is yet to be seen so some more pain can be expected for the bulls.
- If stock continue to break weekly lows we may see the stock dip to the support line in the coming weeks which can take it to $17.50 levels.
- Daily chart shows price trending down below all major moving averages(200 , 50 and 20)
- Price has to close above 20 day moving average for a reversal to be seen.
- SPY Weekend update SPY WEEKEND UPDATE