March 28, 2011

BANK NIFTY and the 200 DMA

  • Line chart of bank nifty daily chart shows price moving up after breaking a resistance area.
  • Price has made a successful close above 200 day moving average. Now bulls has to follows up.
  • Third chart shows Three Occasions of price closing above 200 dma and failing to move up further. A higher close today for BN will extend gains up to 11600 levels. If 200 dma gets broken by the bears things will become Negative for BN again.

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