As shown in above chart right now there is ascending triangle making in progress on hourly chart. If the overhead resistance which is at 5170 is taken out, and it also goes above 5230 which is the lower border of gap (5330-5230) created on daily chart on 5/8/11, it will try to fill the gap i.e. will reach upper border of gap.
The target for ascending triangle breakout will be5620 i.e. 5170-4720 =450 points, hence 5170 +450= 5620.
Also as in above chart 50EMA is approaching 200EMA on hourly chart. If 50EMA crosses above 200EMA which is known as GOLDEN CROSS, our dear nifty will become bullish in short time frame.
CAUTION : LARGER TIME FRAME IS STILL DOWN
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