Daily Indicators and Averages Analysis
Nifty-Daily Indicators and Averages Chart(10-Feb-2012):-
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Conclusions
1- Averages(EMA-8,21,55,200)- Averages are as follows:
8 Day EMA is at- 5327
21 Day EMA is at- 5176
55 Day EMA is at- 5030
200 Day EMA is at- 5147
2- Bollinger Band- is continuously moving along with Upper Band for the last 20 sessions therefore showing maturity of up trend.
3- MACD- Rising both lines are above 120 and in overbought zone.
4- ADX is above 65 and near its peaking level.
5- ROC- Showing divergence just below overbought zone.
5- RSI- Showing divergence in overbought zone.
Conclusions (After Putting All Indicators Together)
On going upmove is so strong that all the averages are rising in less than 2 months rally but all the indicators are overbought and showing clear divergence therefore short term correction is very much due now.