Weekly Outlook(Dec 12 to Dec 16,2011)
Nifty-EOD Chart(09-Dec-2011):-
Technical Patterns and Formations in EOD charts
1- Falling Trend line in 13 Months correction.
2- Trend reversal Broadening Pattern formation in last 4 months at the bottom of 13 months correction.
3- Pull Back Rally is on from the bottom of correction
Conclusions
As trend reversal Broadening Pattern formation in last 4 months at the bottom of 13 months correction therefore finally long term downward trend reversal is expected and it is also possible that ongoing Pull Back Rally may reverse 13 months long down trend.
Conclusions (After Putting All Studies Together)
Pull Back rally faced correction in previous week but correction completion patterns also seen on 09-Dec-2011 therefore expected that Nifty will not slip below the lowest of previous week(4841.75) and coming week will prove a Bullish weak as well as new highs of Pull back rally will be formed in the coming week.
Nifty-EOD Chart(09-Dec-2011):-
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1- Falling Trend line in 13 Months correction.
2- Trend reversal Broadening Pattern formation in last 4 months at the bottom of 13 months correction.
3- Pull Back Rally is on from the bottom of correction
Conclusions
As trend reversal Broadening Pattern formation in last 4 months at the bottom of 13 months correction therefore finally long term downward trend reversal is expected and it is also possible that ongoing Pull Back Rally may reverse 13 months long down trend.
Conclusions (After Putting All Studies Together)
Pull Back rally faced correction in previous week but correction completion patterns also seen on 09-Dec-2011 therefore expected that Nifty will not slip below the lowest of previous week(4841.75) and coming week will prove a Bullish weak as well as new highs of Pull back rally will be formed in the coming week.