April 23, 2012
- Crucial support for reliance are 718 and 687.
- Price is trading below all major moving averages.
- Weekly stochastic is yet to bottom out. Price if mange to sustain above 20 Week SMA we may see a turnaround.
- Stock will be weak below 718.
- For short term bulls price need to close above 20 day SMA.
- NIFTY WEEKLY UPDATE
- Closing below the middle bollinger band or 20 Day SMA may trigger a sell.
- For bulls its the 50 Day SMA, Bulls also need to stay above the falling resistance line to avoid a bigger correction.
- Weekly chart shows bullish engulfing pattern which needs confirmation. Increasing volume and closing above 5 week High EMA should confirm bullish momentum.
- 5180 level is shown as a price pivot zone. price has visited this place many times, For now nifty is unable to move away from this zone. Bulls or bears if manage to cross important levels we may see a bigger move away from this zone.
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