May 19, 2012
- Bank Nifty daily chart gives a bullish engulfing pattern. But for bulls this bullish event has taken place below 200 SMA. So for a larger up move price has to close above 200 SMA on closing basis.
- Weekly chart has given a candle with long shadow which shows buying and this candle has come at the right levels as shown in the first two charts. Weekly reversal is yet to confirm if the daily chart is able to sustain above 200 SMA a turn around is expected.to happen.
- SPX is Approaching crucial support resistance levels in week and daily charts, 50 Week SMA. 38.2% Fib level and 200 Day SMA. If these levels are not taken out by bears a range bound week can be seen.
- Hour chart is still trading well below 20 Hour SMA and cloud showing good momentum in favor of bears.