Technical Analysis and Research For 23-12-2011
Nifty-EOD Chart(22-Dec-2011):-
Technical Patterns and Formations in EOD charts
1- Nifty entered into 90 sessions trading range(4720-5229) and its existance again revived today
2- Yesterday revival of 90 Sessions trend reversal Broadening Pattern at the bottom of 13 months correction.
Conclusions
When above mentioned two patterns broken down then its confirmation requirement was told in following topic:-
Sustaining beyond 4640 will decide the fate of Bulls and Bears(Weekly Outlook(Dec 19 to Dec 23,2011))
Both patterns revived in two previous sessions and survival confirmation is left through crossing and sustaining above minimum one next resistances between 4780-4838. Last 2 sessions bounce back only and its possibility with 3 expected targets(2 have been achieved) were updated in following topic on 17-12-2011:-
Bounce back Possible Next Monday
Expected that yesterday started rally will remain continued in the coming week after more consolidations and crossing of above mentioned next resistance.
Nifty-EOD Chart(22-Dec-2011):-
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| Just click on chart for its enlarged view |
1- Nifty entered into 90 sessions trading range(4720-5229) and its existance again revived today
2- Yesterday revival of 90 Sessions trend reversal Broadening Pattern at the bottom of 13 months correction.
Conclusions
When above mentioned two patterns broken down then its confirmation requirement was told in following topic:-
Sustaining beyond 4640 will decide the fate of Bulls and Bears(Weekly Outlook(Dec 19 to Dec 23,2011))
Both patterns revived in two previous sessions and survival confirmation is left through crossing and sustaining above minimum one next resistances between 4780-4838. Last 2 sessions bounce back only and its possibility with 3 expected targets(2 have been achieved) were updated in following topic on 17-12-2011:-
Bounce back Possible Next Monday
Expected that yesterday started rally will remain continued in the coming week after more consolidations and crossing of above mentioned next resistance.