Nifty 50: Short Term View (or) Day Chart, each candle is 1 week's price action (or) EOD Chart:
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| Nifty - End of Day - 16 May 2012 |
We came into this week. noting that. the momentum across all the screens. was with the Bears (click).
After Monday's market action we added that, the US - S&P 500's short term, EOD screen, had moved from Neutral to Bear (click) - this helped us manage longs yesterday.
As seen on the EOD - the Nifty has lost ground and Bears continue to rule.
The Price is near the Blue middle line of our RBG Channel - and also the Fibonacci 61.8% of the 2008 low to 2010 high.
Our EOW study last weekend and earlier (click) showed us the possibility of a consolidation near these levels.
Bulls would hope that the fast approaching cross of the 34 EMA and the 200 DMA (& also the Golden Cross) would be deflections (i.e no cross, only touch and reverse)
All of the above makes the performance of the Bulls, for the rest of the week, critical from a long term perspective.
Here is wishing them the best .. Cheers!
Here is wishing them the best .. Cheers!
