Friday, April 20, 2012

EOW Technical Analysis, CNX Nifty - 20 April 2012 - Engulfed..

Nifty - End of Week - 20 April  2012 

We concluded our last Intra-week post, with the note (click) that 5285 was important from a weekly perspective because of  a "developing 'Engulfing Candlestick Pattern' - valid above 5285"
We got our close at 5291 and also our "Bullish Engulfing Candle Stick Pattern' as circled above.

Only wish the red candle was a little more engulfed....
Guess the market sometimes gives, but does not give :)

Anyhow one knows that the best continuation for this pattern, is the 'Three Outside Up Candle Stick Pattern"
Guess some weekend reads are in order, in the fond hope that above may fructify.

Bullish Engulfing

Three Outside Up