August 12, 2011
- Nifty range break has given a good short trade.
- 5000 - 5010 level may act as support
- Nifty may give a bounce but It has to sustain above 5 Day High EMA for a trending move to happen otherwise ti will end up as a bounce.
- Price is yet to test the GAP.
- Indicators are positioned for a bounce but Trend is still down. So one has to wait for nifty to cross crucial resistance levels. Shorting will be easy below 5120 - 5100 levels. Closing above day high can give hope for bulls.
- 5 Day High EMA @ 5228
- GOLD CHANNEL BREAK TRADE
- S&P 500 EOD UPDATE
- Price has moved above 200 week moving average as shown in weekly chart. If price closes the week like this it may give some relief for bulls.
- Hourly charts are turning in favor of bulls with price sustaining above 50 Hour moving average. If price manages to close above the cloud in hour time frame this pull back may pick up momentum.
- But looking at the weekly cloud. It looks like it will be hard to take this pull back beyond some support levels which got broken during this fall.
- 1210 - 1220 level will be hard to close above.
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