Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Saturday, March 7, 2009

Weekly technicals

Weekly Nifty Chart

Weekly Chart Showing Latest Action

The triangle break is confirmed on the weekly charts too. The 50/200 ema death cross continued to get deeper. The trendline from bull market highs of 6357 is trending lower by the day and is offering resistance at 3234. The 20 wema is at 2991. Resistances are many in the path to reach these levels and i am not repeating the levels here as it is clearly shown on the charts. Supports are few, the first being at this week's low of 2539, followed by 2520-2503-2463-2252.

These supports should hold for the time being as fall has been continuing from 16th February, completeing 3 weeks. Since October lows, no fall has lasted for more than 3 weeks. Hence if the fall continues then it should be considered as a signal of weakness and so possibilities of breaking supports mentioned would be much higher.
The fibonacci resistances are at 23.6%-2642, 38.2%--2704, 50%--2755 (previously great support as neckline of the Head & Shoulders pattern), and 61.8% --2806 which was high of the right shoulder.In short climbing above these resistances will be difficult, but if conquered , will see upsides of 2970-3000 levels.


Sujatha said...

ur charts are very clear.. easy to understand....r u using your own charting methods...

In your school pls thro some light regarding the charts... i.e. how/where to start how to learn which is easy for beginners.. etc
(am i asking too much?)

Thanks in advance

Anonymous said...

Yes i definitely will do it soon.I was going to do it but a lot of time was wasted due to bad internet connection