Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, July 16, 2012

Reigning The Nifty 16th July 2012

Weekly Chart 

Daily Chart 

Half Hourly Chart 

Bearish Pointers:
  • Outside Day pattern on weekly and daily charts.
  • Rising wedge broken down on daily and weekly charts.
  • Down Trendline from November 2010 highs remains strong resistance on weekly and daily charts.
  • Daily oscillators showing weakness and weekly oscillators too have started peaking after making lower highs.
  • Long term Daily emas 50 and 200 bearishly aligned.

Bullish Pointers :
  • Medium term Emas on weekly and daily charts bullishly aligned.
  • The higher low at 4770 still holds.
  • Gap at 5149-5191 held.

Half Hourly Chart 

 The Nifty seems to be taking a pause before continuing the upmove.The Outside day patterns on weekly and daily charts  is bearish .The uptrendline from 4770 which had helped form the rising wedge has been broken decisively on weekly and daily charts.Oscillators too support a continuation of the pullback.The red triangle on weekly charts indicate a leg down in progress.

Bias is  bullish as the higher high of 4770 still holds.The half hourly chart is forming a pennant which is a continuation formation. If the resistance line is broken then the rally will resume.Only a break below 5191-5149 will put the upmove in danger.

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Happy Trading !!
Lakshmi Ramachandran

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