- QQQ Violates the Resistance line which was expected to give a correction in favor of bears.
- There is no Big volume increase during breakout. But It's a similar kind of breakout as the last one which is explained in the last chart.
- Month chart shows the January candle breaking the resistance line. January if closes above the resistance line we may see bulls extending the current up move with smaller corrections.
January 28, 2012
- Everything looks bullish here except for the Hanging Man at 200 SMA
- The Selling zone post showed recently may not work If the Hanging Man fails.
- Hanging man pattern is not a strong indicator It need a Gap Down a Lower close and High volume to confirm the bearishness of this pattern.
- Weekly line chart looks good for bulls. Bears shall hope that this is a false spike above the down trend line.
- BANK NIFTY WEEKEND UPDATE
- BANK NIFTY closed near the resistance levels in weekly chart.
- Price is also nearing 50 Week SMA and channel resistance line. 50 Week SMA is near 10100 for now.
- Daily chart shows two red candles near 200 SMA. But yet to close below short term moving averages. This up move has been a trend followers delight with close above 10 Day EMA Giving close to 1600 points till now.
- NIFTY WEEKEND UPDATE
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