Wednesday, January 07, 2015

Is this a Trend Reversal - Support 8064. Resistance 8155, 8210 & 8255

Dear All,

>>> Nifty Daily Chart <<<

>>> click the chart to see on full screen <<<

So ... Is this a Trend Reversal ??? Look at the above chart. Price closed below 100 dma for the 2nd times. Its not good for the bulls. If breaks and trades below the channel - worst sell off may happen. Lets see the hourly chart for more details.

>>> Nifty Hourly Chart <<<

>>> click the chart to see on full screen <<<

8064 - Nifty took support today, looks like Wave (a)/(i) got completed. Possible bounce for wave (b)/(ii) up to 8155,8210 & 8255 as shown on chart. Now the trend turning negative and look for a sell on rise.