May 29, 2011

  • 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
  • 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

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

Followers

Blog Archive

Powered by Blogger.

My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore