June 26, 2012
- Nifty getting support near 100 Hour SMA and price is also near the channel bottom. For bears both these level need be broken. Sustaining above this level could give an up move.
- Below the channel next price cluster is near 5040 - 5050 levels. And the 20 Day SMA showed in the daily update too is near this level.
- First chart shows price getting resisted near 5180 which has been acting as a price pivot zone for many months now.
- Second chart shows previous support acting as resistance. Day and Week has to close above this zone to confirm a breakout.
- Weekly chart also shows price unable to cross 50% Fibonacci level.
- Support levels for the day are 5 Day Low EMA and 20 Day SMA.
- SPX Weekly chart continues to look bearish as it extends the fall from 20 week SMA towards 50 Week SMA.
- Daily chart closed below 20 Day SMA. If the support levels shown in four hour charts does not hold it should hit 200 Day SMA tomorrow.
- One hour chart shows price below 20 and 200 Hour SMA which will favor bears.
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