- Nifty is trading between its 5 day high and low ema for four days now. But the day range is expanding.
- The raising wedges support trend line may keep the index up for some time.
- It is still trading above its 20 day moving average and an important support line shown in the first chart.
- NIFTY'S CHANNEL BREAK TRADE
UPDATED CHART
- DOW JONES CLOSED NEAR DAY HIGH. IT HAS CAPTURED THE 50 DAY MOVING AVERAGE AND CLOSED AT THE 50 HOUR MOVING AVERAGE.
- Dow Is trading below its 50 hour and 20 hour moving averages
- Unless the bulls put up a good fight all bounces will be sold off.
- S&P 500 is trading below its 20 Day Moving Average.
- A daily close below this average will be negative for this index.
- Last two times the closing below 20 DMA has given good results for the bears.
UPDATED CHART - 3
UPDATED CHART - 2
- Nifty futures 4 hour chart is showing a fall after negative divergence
- Now the close for today should be above this trend line for the bulls to be in a safer zone.
- THE BROKEN CHANNEL OF NIFTY
- Educomp had a nice up move for two weeks.
- The stock is now approaching its weekly channel resistance.
- Those who hold long positions should be careful.
- But the stock if closes above the channel resistance can move till 690 levels too.
NIFTY FUTURES
- Nifty spot daily chart is trading in a raising wedge and will give direction soon
- Nifty is also trading between the 5 day high and low ema for the last 3 days without giving proper direction.
- Nifty futures range is also contracting so i feel a big explosion is about to happen in the coming day's. May be the raising wedge will give an early indication to which side it is going to be.
