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Wednesday, June 6, 2012

EOD Technical Analysis, CNX Nifty - 06 2012 - Consolidation Bores ..





Nifty - End of Day - 06 June 2012

Bears were favorites for the first half of Monday.
They took the Index to our EOW and EOD supports discussed last weekend (click)
The Bulls used that support to move up, all the way to our upper range limit - the 34 EMA - second circle.

The 50 SMA is 25 points away from the 200 SMA for a Death Cross or a Golden Deflection - first circle.
Histogram continues to tick up - third circle.
The rather boring Consolidation continues - a breakout seems near - if the 34 EMA is taken out with force.