July 16, 2010

Nifty daily chart analysis

NIFTY DAILY CHART
  • Nifty has a raising wedge in daily chart. And the price is respecting the trend lines till now.
  • The index is still trading above 20 day moving average. One negative factor is the closing below 5 day high ema. 
  • But it is still not a sell on rally because  price has remained above 5 day ema(close) and after 8th july price is yet to visit the 5 day low ema.
  • One more thing we should consider is the weekly candle with long upper shadow which will end up as a bearish candle if it closes like this. 
  • DOW JONES END OF DAY ANALYSIS

1 comment:

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