July 16, 2012
- Daily chart of copper shows a possible channel with price moving towards the resistance line of the channel.
- Price is also moving towards the 100 Day SMA which may act as resistance.
- If copper breaks above these two levels it will hit the resistance line shown in weekly chart which should be stiff resistance to cross.
- Bank nifty daily chart with MACD Histograms is showing negative divergence. There is no MACD sell signal yet.
- For bears of BN we need price to breakdown from the channel shown in first chart. BN is also trading close to the weekly upper bollinger band which may act as resistance.
- India VIX is trading close to a crucial support line which may lead to a turnaround.
- NIFTY WEEKEND UPDATE
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