Our previous EOD Analysis, examined the prospects of the Bulls and the Bears (click).
Nifty 50: Short Term View (or) Day Chart, each candle is 1 week's price action (or) EOD Chart:
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| CNX Nifty 50 - End of Day (EOD) Chart - 14 June, 2012. |
The Bearish Cross of the 50 SMA below the 200 DMA is good as done - see 'simplified' chart above. Death Cross happens tomorrow..
Nifty 50: Medium Term View (or) Week Chart, each candle is 1 week's price action (or) EOW Chart:
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| CNX Nifty 50 - End of Week (EOW) Chart - 14 June, 2012. |
The Bullish 'Three Outside Up' candle stick pattern (circled above), is off again - because the Nifty closed today at 5055 - just below last week's EOW close of 5068.
Bulls need to see this week's candle close comfortable above 5068 to stay in the game with above pattern.
Long Term is with the Bears now ... until the next Golden Cross....
