Once again technically nifty is at very crucial level, on one side it had given weekly close above 5100, while on other side it formed HANGING MAN CANDLESTICK PATTERN near 200SMA, as shown in chart below.
One more bullish signal we missed in last post was--- yearly pivot for nifty comes around 5112, and it has given weekly close above this level.
In short the tussle going between bulls and bears is not resolved yet, there are bearish as well as bullish indication.
Because of the 42:21:42:21 week pattern mentioned in last post, we feel unless and untill it gives weekly close below 4530 it will remain in up trend with intermittent corrections.
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7 comments:
Sirji,
In 'Hanging man' , bulls come in action to counteract the bears which ends in closing of market at high. This candle is red candle , may be the bulls must have entered late preventing the fall. Monday opening should be very crucial. But I stongly support your bullish view about the market.
Dr.Suhas Kothavale.
Good Morning Sir,
If you see the indiavix charts it shows +ve div. in RSI.
@ nilesh sir, which time frame ?
On Day & Please don't call mi Sir.
Sir,
I cann't access your performance sheet. please allow the access of my gmail id 007nile@gmail.com for performance sheet
@nilesh, access to performance sheet allowed.
@nilesh regarding +ve divergence in indiavix chart, yes sts made positive divergence, but rsi no. Reason if u observe value of rsi, its closing value on 19/1/12 is 31.33 while closing value on 25/1/12 is 30.51 so while price is making new low rsi also made new low.Also i feel divergence has more significance if it occurs after reaching oversold or overbought region.
Please add ur opinion.
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