- SLV is trending down below its 200 and 50 Hour moving average.
- Good long trade will be possible only if Price stay above 50 Hour moving average.
- Price is slowing down near weekly trend line. This gives some hope for the bulls. If price continue to stay above the weekly trend line we will soon see an up move.
May 16, 2011
- Nifty 5 Minutes violated the channel and is forming a small range between 5498 - 5532.
- Break of 5498 may take price to the lower end of the larger trading range. Above 5532 we may see an up move.
- Nifty 5 Minutes chart shows price correcting towards the bottom of the trading range.
- Price is moving in a descending channel. Intraday up move will be possible only if the channel is violated and Day Low is held.
- Otherwise we may see price Moving towards the bottom of the range staying within the channel.
- From the last chart price seems to be holding on to the support line. If MACD gives a buy signal we may see a small rally.
- But the medium term looks weak for CNX - IT.
- 20 and 200 Day Moving Average Bearish cross over can be seen in daily chart. The bullish crossover was happened when the index was trading near 2760 levels.
- First chart is again a short term view. Price is consolidating between support and resistance lines. so a break from this pattern can give the next direction for CNX - IT.
- NIFTY WEEKEND UPDATE