- First 3 charts show strong possibilities of reversal in favor of bears. Bulls can be saved if price decides to breakout above 50 Week SMA, Golden Ratio and Previous support level which might act as resistance again.
- Breakdown level will be 74.66 which is shown in the last chart. Sustaining above 74.66 Bulls can make an attempt to move up. Bearish candles which closes below 74.66 may lead to bigger corrections. Bulls need to close days above 50 Week SMA level which is around 75.90.
January 14, 2012
- NIFTY Daily managed to close above 50 Day Simple moving average not by a big margin though.
- Bulls have managed to close the day and week above the falling wedge pattern which is good for them. For the coming weeks its simple for bulls they just need to protect 50 Day SMA on closing basis.
- Bears need a false breakout. So price falling back into the pattern will give them big gains.
- Weekly chart too has ended the week slightly positive. Price managed to close above 5 Week High EMA. 20 Week SMA is the next resistance seen in weekly chart if price manages to move up.