Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, February 28, 2009

Weekly supports and resistances

Weekly Nifty chart

Since nifty has been ranging for about 17 weeks now there is not much difference in the supports and resistance levels on charts of different time frames. Point to note is 50 wema has crossed below the 200 wema , last such death cross was in July, 2001. The bottom was made soon thereafter in september 2001. If the 50wema continues to remain below the 200 wema we may be in for extremely lacklustre markets.



Advait Thakur said...

Very ineresting point madam of 'DEATH CROSS'.Will we see panic again in the markets?

Lakshmi Ramachandran said...

It is said that the bear market bottom is made with extreme panic conditions.So that still seems to be pending. No one can predict rightly but when we see such signs it cautions us to be careful on our trades.

Advait Thakur said...

Shanghai index weekly chart also showing a 'DEATH CROSS'.Shanghai index was an outperformer in last few days compared to other world markets.