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Monday, February 27, 2012

EOD Analysis CNX Nifty - 27 02 2012 - Seriously now!

Nifty - End of Day - 27 Feb  2012
We ended last weekend's post (located here) with the words "Bears while strong in the current 'short' term, need to go and stay below the Fibonacci  76.4% (EOD) to be taken seriously" Guess the Bears took that to heart ... crashing through the Fib76x (5414) in the first hour, they stopped just short of our red arrow mark on the 34 EMA - a fall of 150+ points. 
The bearish cross of the 5 EMA and 13 SMA which was discussed as imminent, also has happened. Notice the Volume bar for the day. The 34 EMA and 200 DMA are good supports, for a bounce back by the Bulls. Now however, we take the Bears seriously :)