May 21, 2010

NIFTY daily chart with a hammer and Descending Broadening wedge

NIFTY DAILY CHART - I
NIFTY DAILY CHART - II

  • NIFTY has reversed from the day's low formed at 4850.
  • A hammer has formed in the daily candlestick chart. It has formed close to the bottom of the channel.
  • The descending broadening bottom also is in place.
  • Trading above 4980 will help the bulls and the reversal patterns will become stronger.
  • Now if the world markets help the nifty bulls might attempt to put a bottom in place.
thank you

2 comments:

  1. Good post :)

    Can you post about US markets too?? as a week end special.

    Thanks in advance

    Regards

    ReplyDelete