May 11, 2011
- 1342.50 in Daily may act as support, This level acted as resistance and it may act as support now.
- 20 Day Moving Average is Near the above mentioned level so This may act as confluence of support if a correction happens.
- Triangle breakout is favoring bulls till now. But things may turn in favor of bears if price starts to trade below 200 Hour moving average which may result in a busted triangle pattern.
- SPY ASCENDING TRIANGLE PATTERN
- Nifty Weekly chart shows trend line support for nifty between 5300 - 5400 levels.
- So breaking this level will be tough for bears. If they manage to do that we may see bigger correction in Nifty.
- In the short term Bulls are not able to cross 5550 level on closing basis. If price keep on getting resisted here it is negative for the short term bull.
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