Friday, October 17, 2014

Prices rebounded from 100dsma, only to find supply at 5 dema..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Prices display the superiority of larger t/f trend assertion...

Prices restricted below "Resistances @ 7893-7906" moved lower breaking  weekly mid channel support...
Week trend has asserted and the critical number for the day would be WLEma(presently 7822) and DLEma..
As the chart below suggests, prices are most likely to reach the weekly channel bottom..
ST strength remains weak below Day.pivot(7791) initially & returns above it & more above the critical ST average 5dema(7839).
Hour chart's "Contracting triangle" with prices oscillating between these two ranges while technicals getting weaker by each day, finally broke down..
Reliable supports are far away at 7645(MEma), 7540 & 7440, though minor bounce could happen @ 100 dsma.