- Hour chart is struggling to close above 200 hour moving average. Once price sustains above 200 hour moving average Bulls will start to push prices up again.
- For day trend to change price should sustain below 20 day moving average. Price did violate this level once But could not sustain below 20 DMA. So For bears they should try to break 20 DMA.
- Week is safely sailing above the longterm Bullish trend line.
May 2, 2011
- SBI has broken the support line and is testing the 50 day moving average. Breaking 50 dma and closing the day below it can extend the correction.
- In the previous post of SBIN We Discussed about the Resistance line of SBI Price gave a correction after hitting that Resistance line.
- Now price is beck near the support line and closed just below 20 Day moving average. If these two levels hold hen we may see a bounce in SBI.
- Short term will be negative only if 50 DMA Gets broken.
- NIFTY WEEKEND UPDATE
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