June 5, 2012

  • First chart shows price trading below 100 Week SMA.
  • Second chart shows price testing crucial support level in weekly chart. Closing below 560 should result in a correction towards the up trend line shown in last chart. For a bigger fall price must trade below this line on closing basis

  • Nifty month chart shows support at 4530 levels.
  • For now price is stopping at 50 Month SMA. There is good support between 4700 - 4800 level. Trading below 4700 should give 4530 levels.
  • Weekly chart shows price selling below 5 Week High EMA. For the week to turnaround price must close above 5 Week High EMA Till then price will continue to hit resistance at higher levels.
  • Daily is getting support at 78.6% Fib level. Broken golden ratio will act as immediate resistance level.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore