- From the above charts the conclusion is that price is moving towards 1370 level.
- Next small hurdle in daily chart is 1344. Above 1344 price will test 1370.
- Weekly stochastic is favoring bulls. Stochastic in daily chart is highly overbought which can result in a correction.
- As long as 1300 is protected on closing basis by bulls price will continue to move up.
- RESISTANCE LINE OF AMAZON
July 2, 2011
- Nifty after breaking out above 5604 is giving confusing signals.
- But the above charts suggest a trade between 50 and 200 Day Moving Averages.
- A bigger move can be expected when either of these levels get violated.
- For levels one should watch out 5604. If price stays above this level Bulls are clearly strong. They should cross 200 DMA @ 5750 and head higher.
- Closing below 5604 will favor bears.
- DOW JONES WEEKEND UPDATE
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