I am showing you nifty monthly chart. It can be seen that the up move from the lows of oct 2008 has been moving in the perfect channel. The lower end of the channel (line chart) was tested recently in the month of april 2013. The bounce has been spectacular. Nifty has moved 200 point or 4% in the last week. The move has been swift taking the bears by surprise. The pattern indicates that the up move has primary strong resistance around the levels 5870-5900. The channels upper trend line is around the levels of previous highs of 6330.
No comments:
Post a Comment