- Nifty daily chart managed to form a bearish engulfing pattern. Price closed below 5 day High EMA and for bears there is also a negative divergence between price and RSI.
- For bulls though the up trend is still intact and the current price action is happening above crucial support levels. Supports shown in chart 2 are crucial for bears to make price week should close below 6000 levels. Sustaining above these levels will favor bulls to extend the rally.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
May 21, 2013
NIFTY Engulfing, Divergence and Support levels
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