Google+ WEEKLY TAKE ON NIFTY WITH MOVING AVERAGE ~ NIFTY DEMYSTIFIED

Saturday, October 17, 2009

WEEKLY TAKE ON NIFTY WITH MOVING AVERAGE

Posting a weekly chart which made me think a little. Take a look. Here i have incorporated 4 EMAs (5,8,13,21, I generally use Fibonacci ma). On weekly chart it has consistently performed in a subsequent way in terms of giving support to nifty, while last time fell up to 3909, 21weekly EMA provided support. On this occasion it around 4560. And some data aberration on EoD chart showing 5284 is being converged from various angles (on last post also i showed it on first chart). The offset Fib rt up to 5284 making 23.6 of the move converged with 21ema. So can we conclude 4550 holds the key now to this bull move, and 5230-5284 can be a top??? Comments will be appreciated.


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