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Thursday, February 9, 2012

EOD Analysis CNX Nifty - 09 02 2012 - On the Summit .. Fib 76x

Nifty - End of Day Chart - 09 Feb 2012
Our last EOD Analysis (here) saw the Bears move the index down from the # Fib76x by 90 odd points  - now we see from the highlighted area above, that Bulls have brought it back up and closed it at 5412 .. precisely at the Fib76x. We look for a close above the Fib76x as confirmation of the current range (Fib 76x - 200 DMA) being broken. The red channel top is next target for the Bulls.


# Fib 76x = Fibonacci 76.4%  ..  this is drawn from the 2008 bottom that the Nifty made to the 2011 top - FYI ... again.