February 2, 2012

BANK NIFTY Near resistance lines

  • Daily chart managed to close above 200 SMA.
  • Weekly chart has the tougher task of breaking out of the channel.
  • Indicators have come to the overbought zone in weekly time frame. So there has to be a breakout for sustaining this up move. 
  • Bears badly need a negative weekly candle at this level.

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