Hello,
On 4th Jul 2008, though the Nifty closed just below its 5Day EMA, as can be seen in the attached chart some of the technical indicators on the daily charts have shown a BUY trigger.
Stochastics (14,3) and Stochastics (5,3) have shown an 'Buy' crossover. 12 Period ROC is showing an uptick, though still within negative territory. MACD is showing a small positive divergence, though still in strongly negative territory and no signal crossover has happened yet. RSI(14) is at 31.94.
So Monday's (7th July) opening is likely to be positive. The 'very' short term trend may remain positive and one may expect the Nifty to target its 20Day EMA, currently at 4288 or 4302. Resistance likely around 4100 & 4158 levels.
Further the downward sloping triangle formation appears to have (nearly) completed with its recent low at 3896.75 on 1/7/08. If true, there is a possibility of Nifty aiming for 4880, with strong resistances at 4572 (50Day EMA)/ 4761 (89D EMA).
Cheers and safe trading
On 4th Jul 2008, though the Nifty closed just below its 5Day EMA, as can be seen in the attached chart some of the technical indicators on the daily charts have shown a BUY trigger.
Stochastics (14,3) and Stochastics (5,3) have shown an 'Buy' crossover. 12 Period ROC is showing an uptick, though still within negative territory. MACD is showing a small positive divergence, though still in strongly negative territory and no signal crossover has happened yet. RSI(14) is at 31.94.
So Monday's (7th July) opening is likely to be positive. The 'very' short term trend may remain positive and one may expect the Nifty to target its 20Day EMA, currently at 4288 or 4302. Resistance likely around 4100 & 4158 levels.
Further the downward sloping triangle formation appears to have (nearly) completed with its recent low at 3896.75 on 1/7/08. If true, there is a possibility of Nifty aiming for 4880, with strong resistances at 4572 (50Day EMA)/ 4761 (89D EMA).
Cheers and safe trading
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