On Friday NIFTY index settled at 12271.80 up by 1.53 percent on weekly basis. On weekly chart recently price has settled well above resistance line of a parallel channel with a partial gap suggesting that bulls are having upper hand. Price has been witnessing nice up trend and currently nifty is moving in CD leg of a bearish AB=CD pattern which gets completed at 12735.65. 14 period weekly RSI has recently placed a higher value than price made last top at 12103.05 in June this year. Higher value on RSI along with price making new high neglecting possibility of a bearish divergence on weekly basis. Weekly MACD has been staying in bullish territory along with a bullish cross above its signal line favoring bullish momentum and suggesting that there is more juice left in current move and showing potential for completion of AB=CD pattern based on weekly chart. However daily chart is showing lack of conviction and formed an identical shooting star on Friday. There is a tiny contr...
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