May 17, 2012

NIFTY Chart Analysis

  • Nifty weekly RSI is showing oversold levels. But price is yet to shown any signs of reversal.
  • Daily is trading below 5 Day HIGH EMA as shown in the second chart. Price left this moving average near 5250 levels and yet to touch this line for the current down move. So for a strong reversal to be seen price should at least hit this moving average line.
  • Hour chart too trending down below 50 Hour SMA and cloud.

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