- On Weekly chart google is doing an Ascending Triangle.
- Thing that favors bulls is the Weekly closing which is the highest closing for this year.
- But for bears daily chart is showing negative Divergence. Price is converging between a support and resistance line in daily chart which should give good direction. Presence of negative divergence may give a correction.
- Short trade will be possible once price starts to trade below 20 day sma and the supporting trend line shown in the last chart. As long as price trades above 20 Day SMA bulls does not have the threat of a large correction.
- SPY MOVING UP WITH DECREASING VOLUME
December 26, 2011
- NIFTY MACD and Stochastic in daily time frame is showing some support for bulls. But for bears they have the upper boundary in place in the form of 20 Day SMA. Month Low EMA etc. So price need to break these levels on closing basis to continue this up move.
- For Bulls the lower boundary is Week Low EMA and 50 Hour SMA. Breaking below these levels will favor bears for a short trade. Fall might pickup momentum below 4632 levels.
- Week Low EMA at 4688
- 50 Hour SMA at 4666
- Month Low EMA at 4713
- 20 Day SMA at 4806
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.