Tuesday, January 24, 2012

EOD Analysis CNX Nifty - 24 01 2012 - Bulls peep above 34 EMA on week chart.

Nifty - End of Day Chart - 24  Jan  2012
In our 'Looking Forward' section of the last post (here) - we needed the Bulls to break out of our range. The Nifty negated the Bearish Candle pattern yesterday and trading above last week's close early today,  used some fundamental reasons to break our range and eye the 200 DMA, meanwhile Price is just above the crucial 34 EMA on the EOW charts. The throwback to channel - a healthy need for a stronger up move - is still missing.