NIFTY Weekly Technicals
>> Sunday, December 28, 2008
Markets give up gains post Christmas.
US is closed for next few days. Asian markets may cherish this week.
I see markets may remain in upward trend this week.
The supports on the way down are at 2950 and resistances on the way up are at 3113-3168.
Above 3115 we can see 3200 and 3270.
Simple Moving Averages –
5 D | 8 D | 13 D | 20 D | 39 D | 50 D | 200 D |
2972 | 2990 | 2958 | 2873 | 2852 | 2908 | 4111 |
At present we lie between 39 days SMA. Only if we cross 50 day SMA we heades towards 3050.
Fibonacci price projections-
| 0% | 61.8% | 100% | 161.8% | 261.8% |
Up | 2503 | 2707 | 2833 | 3037 | 3367 |
Dn | 2833 | 2629 | 2503 | 2299 | 1969 |
Chart –
Chart shows bearish movements from past couple of days.
Taking position for long term is now advisable.
Monday we can see a gap up opening.
If people say 6000 is the bottom (Sensex) we should have atlest corrected till 7850 on Sensex till now.
Other Indicators –
- Volume (last/ 5 day average): 0 / 0
- 5 day RSI: 31 - no indication.
- 14 day RSI: 46 - no indication.
- Williams % R(14): 38 (summation factor 100)
- Average Directional Index ADX: 16
- Average True Range ATR: 5 days - 99 .....14 days - 122
Happy Investing!
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