June 29, 2011
- CISCO has given a Grave Stone Doji pattern.
- It's a Bullish reversal pattern. But needs price confirmation. In this case price movement is looking good for the bulls. Weekly close above the last weeks high will be good for bulls.
- Second chart too shows a bullish pattern. Break of the resistance line can give a rally.
- Price breaking below the grave stone Doji will favor bears
- Nifty Knocks 5604 one more time.
- We have to see the price action here. Only a daily close above this level will confirm strength.
- ABOVE BROADENING PATTERN WAS SUGGESTED IN THIS POST
- Price approaching its weekly resistance level.
- Recent attempts to stay above 20 week moving average has failed.
- So a bigger breakout cannot be seen unless price closes above 20 week moving average.
- Second chart shows stochastic turning in favor of bulls. Now if the corrections are not large price may continue to move up.
- Lets wait and see how price reacts near 20 week moving average.
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