June 13, 2013

NIFTY Shooting Star and support levels

  • Price near 200 Day SMA.
  • Nifty also testing Golden ratio.
  • Month chart shows price near Month Low EMA. If month low give support a turnaround is possible. One should also see the monthly chart for the perfect shooting star candlestick which is bearish and may give a bigger fall.on trading below month low EMA.
  • Since the shooting star shown here is a monthly pattern It need a monthly close below 5 low EMA to confirm bearishness or strength of the shooting star or Inverted hammer.

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