February 8, 2012
- SPY Week on closing basis shows resistance level between 134 and 136.
- week closing above 136.4 will keep the bullishness alive. Staying below 134 will keep bears interested.
- Daily chart shows negative divergence But price need to close below 10 day EMA for triggering a bigger correction.
- SILVER at 200 SMA
- SBI pausing near 50 Week SMA.
- This is also the Golden ratio level for the fall from 2529 - 1571.
- So for bulls to continue this up move a week need to close at its high. A bearish weekly candle might result in a pull back.
- MACD histograms in daily has started to diverge. But price yet to confirm weakness, It need to close below 10 Day EMA for an extended correction to happen.
- CNX IT NEGATIVE PRICE ACTION
- CNX - IT is showing negative price action at the top of the range. One good thing for bulls is that its happening closer to and above 200 SMA. So any correction may be limited to this important level.
- 2nd chart shows an overbought RSI turning down. Price closing below 10 Day EMA will extend this correction towards 200 SMA.
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.