Tuesday, April 3, 2012

EOD Technical Analysis, CNX Nifty - 03 April 2012 - Bulls Steady..

Nifty - End of Day - 03 April  2012     
We ended our weekend analysis (Click to see), with the reminder to check out the Senkou Span Cross, on the EOD, with Ichimoku Cloud Indicator. As you would have known by now, the Bearish Cross happened when the Price was in the Kumo and hence is neutral. Neutral also is today's Kijun Sen Cross for the same reason. We wait for the Index get above the Kumo, next.

Our EOD chart above, with realigned channel lines, show that the Bulls have retained control, by staying above the Wall and 34 EMA. Now that the 5 EMA, has crossed above the 13 SMA, and also the 34 EMA, Bulls should eye the Fib76x next. 

The only cause for concern for Bulls, from the chart above, is that MACD hangs below zero. Bears might sneak in on that weakness.