Technical Analysis and Research For 30-01-2012
Nifty-EOD Chart(27-Jan-2012):-
Technical Patterns and Formations in EOD charts
1- Begining of strong rally on 20-12-2011 from 4531.15.
2- Trend Reversal 113 Sessions sideways market between 4720-5229 is intact.
3- Trend Reversal Broadening Pattern at the bottom of 14 months correction is intact.
4- Falling Trendline Correction from 5399 and its upward cross over.
5- Testing of Falling trend line from 6336 and Nifty retraced 7 times earlier from this falling trendline.
Conclusions from EOD chart analysis
Bullish pattrens are very much intact and Nifty is trading near the higher levels of these patterns. Testing of Falling trend line from 6336 and Nifty retraced 7 times earlier from this falling trendline. As sentiment is heated therefore therefore very short term correction is due now.
Nifty-EOD Chart(27-Jan-2012):-
1- Begining of strong rally on 20-12-2011 from 4531.15.
2- Trend Reversal 113 Sessions sideways market between 4720-5229 is intact.
3- Trend Reversal Broadening Pattern at the bottom of 14 months correction is intact.
4- Falling Trendline Correction from 5399 and its upward cross over.
5- Testing of Falling trend line from 6336 and Nifty retraced 7 times earlier from this falling trendline.
Conclusions from EOD chart analysis
Bullish pattrens are very much intact and Nifty is trading near the higher levels of these patterns. Testing of Falling trend line from 6336 and Nifty retraced 7 times earlier from this falling trendline. As sentiment is heated therefore therefore very short term correction is due now.