Nifty 50: Short Term View (or) Day Chart, each candle is 1 week's price action (or) EOD Chart:
|Nifty - End of Day - 18 May 2012|
On Thursday morning we had 'Wished the Bulls the best' (click), in our post titled "...Bull's'hot.."**
Guess our sentiments were appreciated - cause the next two Daily closes, made by the Nifty (i.e. 4870 & 4891) were higher.
On a more serious note - at today's low, the 200 DMA read 5085 and the 34 EMA read 5100, they were within 15 points of a cross - instead they choose to deflect - as of now.
One of the supports as suggested in the last study, the Fibonacci 61.8% of the 2008 low to 2010 high, was the take off point today.
The bounce from today's low, was a neat 100+ points.
All the above read along with our previous posts on this subject - would make the contra thinking, confirmed Bulls among us, enjoy their weekend.
Bulls were Hot Today...
Bull Shot Recipe for weekend use can be googled.
Have a good one...