Weekly Chart
First black candle after five weeks of Bullishness.The volumes were low and higher high higher low maintained which keeps the uptrend intact. However, the candle being a near doji flashes an alert of a possible change in sentiment.Nifty needs to sustain above 6134 to stay within the uptrendline from 5349 lows.
Daily Chart
Daily Chart shows a break below the uptrendline.However support has been taken around the previous high of 6073. A break of this support should take it staraight to 5932 with a possible support at 5963.Oscillators are moving down after showing negative divergence and Macd is now in sell mode.A fall below 5932 is required to to turn the short term bearish, and a fall below 5349 to turn the medium term bearish.
Supports are at 6045-6025-6008. Resistance at 6128-6148-6164.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
"fall below 5349" need some correction
5349 is the low made on August 31st 2010.
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