May 12, 2015

Nifty chart update

  • Two weekly candles at 7960 amd 7997 levels looks almost like two pillars holding a building. Although this up move looks bullish the pattern that is forming is a possible bearish head and shoulders. If 8355 is taken out up move may target the Golden ratio for the entire fall from 9119 level and thus completing the HNS pattern. Its only a possibility.
  • Immediate resistance at 20 day sma and 8355 levels as shown in daily chart. Daily close above these levels will keep the bulls stronger.  

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