- SPX Daily chart looks good for bulls. If price sustains above 20 SMA it should hit the 1422 resistance level.
- Daily macd has turned positive for bulls and price in weekly is moving away from 20 Week SMA which may delay the weekly MACD sell signal. Next hope for bears will be the recent resistance level of 1422.
April 28, 2012
- The Daily Bollinger band continue to contract which is leading to lower volumes.
- 3 rd chart shows possible support and resistance lines which may give good direction for nifty.
- 2nd chart shows price near lower Bollinger Band with oversold stochastic which may result in a bounce.
- The weekly time frame shows MACD getting ready for a perfect sell But for this one price need to confirm with a close below middle bollinger band. Nifty Bulls may get help from middle bollinger band for a rally also.
- So its better to wait for a clear signal to emerge. Sideways action can be boring and may erode the capital if one doesn't play the range properly.
- DOW JONES RESISTANCE LEVEL