May 11, 2012

NIFTY Trend update

  • Nifty continues to sell off near resistance levels.
  • 30 Minutes chart shows price weakness near resistance line and cloud.
  • Daily chart shows price below the crucial Golden ratio. Daily candle closing below this level will weaken the bulls further. Then price may target the shaded area near 78.6% level.
  • So the trend remains down with no reversal in sight both in shorter time frames and daily chart.

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