- 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
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