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Tuesday, February 7, 2012

EOD Analysis CNX Nifty - 07 02 2012 - Knocking on the Fib 76x

Nifty - End of Day Chart - 07 Feb 2012
5414 was where we saw the Fib 76x last week (post here - see 'Looking forward') - 5413 is the high for this week's candle to date - the alert Bear would have taken home 90 odd points (see last candle) riding the fall from Fib76x to candle bottom. Bulls however continue to remain strong above the 200 DMA.  The last two candles resemble the 'hanging man' pattern which we studied here last.