Down move Confirmations from MACD & Intraday Charts
Nifty is hovering around 5932 for the last 5 sessions and closed below it after genuine selling fomations between 5935-5975. Previous strong resistance was 5975-6015 and fresh selling was seen just below it yesterday therefore resistance within 5935-6015 is now much stronger resistance. Indian markets require complete consolidation patterns to cross this range and until it will not happened till then 6015 will not cross.
5932 was previous strong support and strong resistance developed just above(5935-6015) it therefore its breaking down and intermediate term trend turning down is confirm now. Weekly MACD gave strong down move confirmation through downward cross over therefore further down move and 200-Day EMA(today at 5522) testing is very much expected now.
Following charts are showing down move confirmation in MACD & intraday chart:-
1-5 days intraday chart-
2-MACD Down Cross Over in Weekly Chart-
Dow Jones Trading 130 points up at 10:32 pm on 24-11-2010 but above mentioned down moves are confirm and will be seen in the coming sessions. Strong global sentiment expected on 25th Nov morning and also very much posibile that Indian markets may be positive from opening to closing but will be finally down and dip below 24th Nov lower levels(5866) in the coming sessions.
Nifty sustaining below 5935 and is very much high and for precaution just watch sustaining beyond 5935-6015 for next trend confirmations.