Saturday, May 26, 2012

Nifty resting on 200 WMA



  1. Nifty is making Tweezer Bottom on weekly chart which is a bullish sign
  2. Nifty is testing 200 WMA
  3. Touching lower Bollinger Band on weekly basis
  4. Last week was 13th week in downtrend, which was a Fibonacci number
  5. Next week any close above 4960 is a bullish signal for a minimum target of 40 WMA @ 5080
  6. Any closing below 4890 (last week opening) may lead to 200 WMA @4820 then 300 WMA @ 5720
  7. Bulls needs to protect 4888 on closing basis to survive

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