March 24, 2011
- Nifty is trading close to its 50 day moving average. If nifty is able to break and close 50 dma we may see nifty moving towards the 200 day moving average.
- Nifty Fib levels also shows a similar possibility. If nifty continue to sustain above 23.6% and break the resistance line drawn in the chart, Nifty may target 38.2% level which is near 5620.
- Nifty getting resisted at 50 Dma will favor bears.
- CRUDE OIL UPDATE
- SPX is trying to retrace the fall but the resistances for bulls looks strong.
- Close above 50 day moving average will help the bulls. If price is not able to go above this moving average soon then bears will try to take the price down.
- Fib level for the rise from 1173 to 1344 too shows resistance at the same level. 23.6% acting as resistance, 38.2% acting as support for now.
- BIDU TRIANGLE PATTERN