June 5, 2012

GOOGLE Chart Analysis

  • First chart shows price trading below 100 Week SMA.
  • Second chart shows price testing crucial support level in weekly chart. Closing below 560 should result in a correction towards the up trend line shown in last chart. For a bigger fall price must trade below this line on closing basis

NIFTY Top Down Analysis

  • Nifty month chart shows support at 4530 levels.
  • For now price is stopping at 50 Month SMA. There is good support between 4700 - 4800 level. Trading below 4700 should give 4530 levels.
  • Weekly chart shows price selling below 5 Week High EMA. For the week to turnaround price must close above 5 Week High EMA Till then price will continue to hit resistance at higher levels.
  • Daily is getting support at 78.6% Fib level. Broken golden ratio will act as immediate resistance level.