August 7, 2012
- Nifty is testing the triangle resistance line in daily chart.
- Last chart shows price above 5 Week High EMA (5256). Sustaining above 5256 level should extend the current up move towards the weekly resistance line.
- Week trading or closing below 5256 level will be negative.
- RELIANCE CHART UPDATE
- Reliance has given a breakout above the resistance line discussed in yesterday's post.
- Price moved above 50 Week SMA.
- Now bulls need a weekly close above 50 week SMA for the momentum to sustain.
- Weekly stochastic is nearing overbought zone so one should make sure that the stock sustains above crucial support levels.