murthyonline

Nifty TREND indentification

NSE:NIFTY   Nifty 50 Index
CMP 10884.70 after making a new ATH             at 10906. It is observed that in weekly chart NS             whenever goes out of Bollinger Band (BB) the
tendency is to pull price back inside the BB. Earlier instances marked in the chart. Now the BB is outside the UBB and by the
coming week or week after that it should be pulled inside the BB which is now around 10818.

It is also observed that whenever it pulls inside, the price has a tendency to reach the 9 EMA or near to it. Now the 9 EMA is at 10534.

Whenever the 9 EMA Cross over of 20 EMA happens, the price should try to reach 100 EMA in weekly chart to take support. Now 100 EMA is at 9268.

http://www.vfmdirect.com/forums/show.cgi?topicid=1516288737#1516452657
Comment: In Weekly chart the price came inside the UBB. In all probability it is proceeding towards the 9 EMA in the weeks to come. The 9 EMA has moved up and look out for the present status.
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