Nifty- EOD Chart(24-06-2011):-
18 months Rising Trend Line gave strong bearish indications after 141 Nifty points sharp fall on 20-06-2011 and turned positive after 151 Nifty points surge on 24-06-2011. Mentioned trend line main features are as follows:-
1- started on 03-11-2009 from 4538
2- Nifty got support on it 6 times in last 18 months
3- Rising Trend Line broken down on 20-06-2011
4- Nifty recovered and moved above Rising Trend Line on 24-06-2011 after 4 days consolidations below it.
Conclusions
As Nifty could not sustain below and retraced sharply with same force therefore means that 18 months uptrend is still continued and not broken down yet. It is still valid and giving up trend continuation indication but confirmation required after previous week breaking down.. Sustaining above this line will be up trend confirmation.
 |
| Just click on chart for its enlarged view |
1- started on 03-11-2009 from 4538
2- Nifty got support on it 6 times in last 18 months
3- Rising Trend Line broken down on 20-06-2011
4- Nifty recovered and moved above Rising Trend Line on 24-06-2011 after 4 days consolidations below it.
Conclusions
As Nifty could not sustain below and retraced sharply with same force therefore means that 18 months uptrend is still continued and not broken down yet. It is still valid and giving up trend continuation indication but confirmation required after previous week breaking down.. Sustaining above this line will be up trend confirmation.