January 3, 2012

CNX IT Hits Resistance line

CHART-II
  • CNX - IT Futures has given a breakout from the contracting triangle.
  • Now price is moving towards the resistance line or Previous Top which was 6451. Price has to sustain above this level for the breakout to sustain.
CHART-I
  • CNX IT Daily chart testing the resistance line.
  • Price has also closed near 200 Day SMA.
  • Price is in a contracting triangle which should be resolved soon.
  • 50 Day SMA is rising towards 200 SMA. If it fails to cross over we might see bigger falls. Bulls too have equal chance for a good breakout. Closing values may confirm the direction of the breakout.
  • CNX IT LIVE CHART
  • NIFTY ANALYSIS

By at

2 comments:

  1. FireJanuary 3, 2012 at 10:29 PM

    @San,

    Please check the chart of CNX IT with all-time data. You may get pleasantly surprised with the magnitude of this breakout. :D

    ReplyDelete
  2. SanJanuary 4, 2012 at 8:37 AM

    @Fire

    I will try to update the weekly chart of CNX-IT

    ReplyDelete

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