January 3, 2012
- Nifty daily chart shows a possible falling wedge pattern which can give good direction.
- Price has closed above 5 Day Low EMA. Price is moving up from 78.6% Fib level and if yesterday's Day low is held we may see an up move happening. Staying above the channel in hour chart will also help bulls.
- CNX IT AT THE RESISTANCE LINE
- CNX - IT Futures has given a breakout from the contracting triangle.
- Now price is moving towards the resistance line or Previous Top which was 6451. Price has to sustain above this level for the breakout to sustain.
- CNX IT Daily chart testing the resistance line.
- Price has also closed near 200 Day SMA.
- Price is in a contracting triangle which should be resolved soon.
- 50 Day SMA is rising towards 200 SMA. If it fails to cross over we might see bigger falls. Bulls too have equal chance for a good breakout. Closing values may confirm the direction of the breakout.
- CNX IT LIVE CHART
- NIFTY ANALYSIS
- Trend in weekly, Daily and Hour charts are clearly down.
- Price is moving down in a channel.
- It has broken below the golden ratio as shown in weekly chart. 1.2850 - 1.2870 level is an important zone from were a decent bounce might happen as marked in the chart. Breaking below this level can take EURUSD Towards 78.6% Fib level.