Recap: We understood that the bears were at a disadvantage above the 34 EMA and planned to watch the US S&P 500 month close (post here). We took direction from the US S&P 500 (post here) and watched the 200 DMA being taken out (post here). We also noticed that 13 was unlucky for Bears :) as a 13 month old channel resistance gave way to the Bull onslaught (post here). We ended the week with a couple of studies (just below this post).
|Nifty - End of Month Chart - 03 Feb 2012|
|Nifty - End of Week Chart - 03 Feb 2012|
Nifty End of Week Chart (EOW): A major resistance gave way last week - freeing the bulls and making the bears run for cover. The channels to be watched are marked on the Price and oscillator. Let's now zoom in on the highlighted area with a EOD analysis.
|Nifty - End of Day Chart - 03 Feb 2012|