February 23, 2011

Nifty daily analysis

  • Nifty weekly chart shown with the trend line which can give support for the index in case of a correction. Breaking the trend line will favor the bears.
  • An inverted head and shoulders possibility was shown on monday. Now bears are also putting together a good continuation pattern. If price breaks below 5400 it may confirm a bear flag breakdown which can extend gains for bears.
  • So this one can go either way, lets watch the levels 5400 and 5635
  • S&P 500 DAILY CHART ANALYSIS

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