May 29, 2012

NIFTY Chart Analysis

  • Targets for the current up move can be the 200 SMA or the channel shown in second chart. For bulls price should sustain above 20 Day SMA. Daily close bwlo 20 SMA will be negative.
  • For a larger up move to happen last chart is crucial. Price is trying to stay above the weekly channel resistance line. Sustaining above it could lead to bigger up moves. Another fall into the channel will favor bears.

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