Friday, June 1, 2012

Nifty P&F (Wk 0406-0806) - daily closing above 4800 will imply price moving in downward channel

Recap:

The range broke 4955. Knew there was a resistance, but came 3 points earlier at 5015 only!

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily DOWN. However both got supported exactly on BlSL @ 4835. Being above 78% fib, a weekly chart shows mild possibility of ascending bottom, and thereby feebly bullish.
The trend is largely down. However price likely to close above 4800 and grind within a downward channel.

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