- First chart shows price closing above 50 Day Moving Average.
- But Bears will be happy that the price closed inside the descending channel pattern.
- 2nd chart shows price consolidation in a triangle like pattern and this will soon give good direction.
- 3rd chart shows Weekly chart with 20 week moving average. Price is refusing to close below 20 week moving average which will keep bulls happy.
- BIDU GO LONG ABOVE 20 DMA
May 29, 2011
- Hindalco had a good close to the weekend.
- Price broke and close above the trend line in daily chart. MACD is looking positive and may give a buy signal.
- Price will move up if sustains above 20 day moving average.
- Cloud resistance is near 207 and then the weekly down trend line will also act as resistance.
- Above bullish view valid only if price sustains above 20 day moving average.
- NIFTY WEEKEND UPDATE
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