Technical Analysis & Research
Nifty-EOD Chart(10-Feb-2012):-
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6 Confirmations of Long Term Trend turning up
Long Term Trend turning up following 6 confirmations
1- 8 Sessions closing above trend Reversal 200-Day SMA (today is at 5178)
2- 9 Sessions closing above trend Reversal 200-Day EMA (today is at 5147)
3- 7 Sessions closing above trend Reversal 123 Sessions sideways market between 4720-5229.
4- 123 Sessions sideways market break out confirmation through more than 3 sessions sustaining above 5229.
5- 123 Sessions sideways market break out confirmation through more than 3% upward trading and closing near about 5386{5229+157(3% of 5229)}
6- Falling trend line break out.
Conclusions from EOD chart analysis
Although corrections will be seen but Long Term Trend turning up 6 confirmations and it means high possibility of that rally continuation which started on 20-12-2011 from 4532.