Recap: We identified the point where Nifty would break out from (post here) and a candle stick pattern to go with it (post here). Post break out we redefined the channels Nifty would follow (post here) and ended the week with the Price exactly at the new channel's middle blue line (post here).
|Nifty - End of Month Chart - 20 Jan 2012|
Nifty End of Month Chart: The bulls conquered the 5 EMA on the month chart. This chart is back to bull mode. Pull back to the green line looks possible from here. Zooming in we analyze the area encircled in blue next - with the 'End of Week' chart.
|Nifty - End of Week Chart - 20 Jan 2012|
|Nifty - End of Day Chart A - 20 Jan 2012|
Nifty End of Day Chart A: The revised channels presented intra week (post here) worked out for the Bulls - the mid point was reached with precision as was the range exactly as marked.
|Nifty - End of Day Chart B - 20 Jan 2012|