June 2, 2014

NIFTY Chart analysis

  • Friday's up move from the lows was good for bulls as price managed to get back above 38.2% Fib level.  In spite of that up move nifty Weekly chart shows a bearish engulfing pattern.
  • Immediate weakness if price falls back below 38.2% Fib level again.
  • Bigger fall only if last week low and 20 Day SMA is taken out on closing basis.

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