Candle formation for Nifty on 10-07-2012 – Dark candle with
small lower & no upper shadow. This indicates that the trend is temporarily
down and there may be a small correction ahead before the next move up. This
has to be confirmed by today’s move.
Nifty Heikin Ashi daily chart:
Heikin Ashi candles on hourly chart also formed hollow blue
candle with large lower & shadow. This indicates turning the trend. However
this has to be confirmed by a new candle today. If the next candle is a large
hollow candle then the up trend is confirmed. If it is a dark red candle then
the move down may continue for some more time. Yesterday’s chart shows how
beautifully the candles provided support & resistance. I have marked them
in the hourly Heikin Ashi chart. Use the similar support & resistance
levels to go forward.
Nifty Hekin Ashi hourly Chart:
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