September 7, 2011

NIFTY Moving towards Resistance line

  • As discussed in the below chart price made it to the resistance line. Now for this up move to continue it should stay above the resistance line of the broadening pattern.
  • Nifty Futures will favor bears only if it falls below 5070 levels.
CHART-I
  • Nifty hour chart moving in channels and moving inside a bigger pattern.
  • Price is moving towards the resistance line of a broadening pattern. It is also an Inverted HNS pattern.
  • Hour with MACD is starting to diverge But price may go up some more before it take effect.
By at

4 comments:

  1. FireSeptember 7, 2011 at 10:50 AM

    San,

    What are values for the resistance line for the next 3-4 hours?

    ReplyDelete
  2. SanSeptember 7, 2011 at 10:56 AM

    @FIRE

    Approximately 5135. Hour closing above 5135 today may add strength for this up move.

    ReplyDelete
  3. FireSeptember 7, 2011 at 11:31 AM

    @San,

    Thanks a lot.

    ReplyDelete
  4. bullvsbearSeptember 7, 2011 at 8:36 PM

    wow, wat a beauty,,, San only u caq :-)

    ReplyDelete

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