December 11, 2011

CNX IT Chart Analysis

  • Price is near 200 SMA.
  • Attempts to cross 200 SMA has failed twice  in the recent past. Price may make another attempt soon. A bearish candle on 200 SMA may give a perfect shorting opportunity. For bulls price should close above 200 SMA decisively for going long.
  • Daily chart also shows a contracting triangle which may give good direction.
  • Price has closed below day high ema. If it sustains here trend might turn in favor of bears.

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2 comments:

  1. Nilesh PatilDecember 12, 2011 at 8:19 AM

    @ San Sir,
    Is it also a reverse head & shoulder?

    ReplyDelete
  2. SanDecember 12, 2011 at 9:06 PM

    @Nilesh
    Sorry for the delayed reply. IHNS depends on how well the index performs above 200 SMA. If it fails to break above 200 SMA then its bearish

    ReplyDelete

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