Weekly Indicators and Averages Analysis Chart:-
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1-Averages- All(5,21,34,55) the shorter term weekly averages are above longer term weekly averages and Nifty is above all.It is Bullish market confirmation.
2-Bollinger Band- Nifty is in the middle of band little above middle line and indicating possibility of more up moves.
3- MACD- Most important development this week that MACD line intersected Average line up side and given confirmation to rally. Weekly MACD cross over gives confirmation to long trend therefore strong confirmation to up trend.
4-ROC- moved above equalibrium line and given up moves confirmations.
5-RSI- moved above equalibrium line and given up moves confirmations.
6-Slow Stochastic- Both lines in overbought zone but tend to remin in overbought area for a longer period and until other indicators does not gives downward confirmation till then will remain in overbought zone.
7-William %R- is below overbought zone,moving upward and showing more upmoves possibility.
Conclusion
Weekly indicators are showing begining and continuation of upmoves while daily indicators are overbought and showing begining of correction. Firstly Daily indicators will cool down and after that rally will resume after last week begun correction completion.