January 3, 2012
- Nifty daily chart shows a possible falling wedge pattern which can give good direction.
- Price has closed above 5 Day Low EMA. Price is moving up from 78.6% Fib level and if yesterday's Day low is held we may see an up move happening. Staying above the channel in hour chart will also help bulls.
- CNX IT AT THE RESISTANCE LINE
- 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.
- 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
- Trend in weekly, Daily and Hour charts are clearly down.
- Price is moving down in a channel.
- It has broken below the golden ratio as shown in weekly chart. 1.2850 - 1.2870 level is an important zone from were a decent bounce might happen as marked in the chart. Breaking below this level can take EURUSD Towards 78.6% Fib level.
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.