- All time frames still favoring bears.
- Hope for bulls is the recent low 1101.
- If that level holds we may see a bounce.
- If price stays above 50 and 100 Hour moving average one may stay long for a bounce.
- Price below 50 Hour moving average will favor bears.
- If a bounce happens 20 Day moving average is the next resistance level. Larger up move will be possible only if price starts to trade above 20 DMA.
- S&P 500 CLOSED BELOW 200 WEEK MOVING AVERAGE
August 21, 2011
- Trend of nifty is still down.
- No reversal pattern in sight yet.
- Daily indicators are still strongly favoring bears.
- But this is an extended fall so if price reverses we may get a decent bounce.
- So one shall look for reversal candles in daily time frame next week to go long.
- Price should also stay above the channel drawn in daily time frame for a decent bounce to happen.
- It is difficult to pick a number, But the level one has to watch is between 4750 - 4800.
- SUZLON ENERGY ANALYSIS
- S&P 500 WEEKEND UPDATE
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