- Ascending channel and MACD Buy signal keeping the up move going.
- Price and MACD Histogram continue to diverge without any effect on price. Bears are hoping for a double top kind correction from 1422 levels.
- Last chart shows the possibility of 1422 level getting broken and a possible up move towards 1445 levels before a major fall could happen.
August 18, 2012
- NIFTY Bulls could not clear the weekly resistance levels clearly.
- Bulls must trade above 5400 for achieving higher targets. Week sustaining above 5 Week High EMA currently at 5323 will keep the bullish hopes alive.
- Weakness below 5348 as shown in last chart. Closing week below 5323 which is the Week High EMA should give a bigger correction.