August 23, 2013

BANK Nifty Divergence and support level


  • Weekly chart shows price trying to stay above 78.6% Fib level
  • Daily chart shows positive divergence with MACD Histogram. But Price is yet to confirm a reversal.
  • Last chart shows the struggle of bulls with 5 Day High EMA. Price must close above this level for a bigger bounce to happen. Another dip towards 9000 levels may give a buying opportunity risk reward ratio looks good here.



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