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Showing posts from December, 2019

Is it all over or still more Juice left in NIFTY?

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...