February 22, 2013

NIFTY Chart Analysis

  • Price testing 20 Week SMA or Weekly Middle Bollinger band.
  • Weekly MACD Lines are showing a bearish cross which need price to fall below 20 Week SMA for bigger falls to happen.
  • Daily chart shows a Head and shoulders pattern But price seeking support at 100 Day SMA.
  • Breaking 100 SMA or a Weekly close below 20 Week SMA will extend gains for bears. Taking support at the above mentioned levels may result in a bounce.

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