- Bank nifty daily chart shows MACD sell signal which will gain strength once price starts to trade below 20 day SMA(10454).
- Weekly stochastic too is showing overbought readings. But it's yet to give a sell signal. Price if sustains below 5 Week High EMA we should see a sell signal in weekly stochastic which should give good down moves.
- For bulls to negate the above scenarios they have to do a breakout above the resistance line shown in the last chart.
July 22, 2012
- Google Testing a crucial resistance line in daily chart.
- Price is trading above 200 Day SMA.
- Price sustaining above weekly Middle bollinger band and a Buy signal in MACD should also help bulls to extend the up move towards Upper bollinger band or the Selling Zone.
- BIDU WEEKEND UPDATE