India’s “Nifty 50” Stock Market Index (symbol $CNXN in StockCharts.com) broke to a new 2009 high today, but before we get too bullish, let’s take a look at what bulls need to overcome to keep the rally going – hint… Fibonacci and a Rising Wedge.
Thank you to all who request analysis on India’s “Nifty 50” stock index. Here’s the latest quick update on both the weekly and daily frame. Even for those who don’t follow the Nifty, you can learn insights from my presentation of two weekly and daily Fibonacci retracement examples.
India’s “Nifty 50” stock index gave us all an example of how to identify confluence support and what happens when price pulls back – especially from a bear flag – into this level. Let’s learn a few lessons and look at what might be ahead. For those of you who don’t follow India’s markets, this chart contains valuable lessons for you as well.
Per multiple reader request (thank you to all my followers in India!), I am updating my analysis on India’s “Nifty 50” Index, beginning this week with the long-term 10-year Monthly Structure.
Let’s take a quick look at a possible large-scale Elliott Wave count and also a Fibonacci Confluence (three price levels) chart on the monthly timeframe – a key turning point may be ahead soon.
Along with many other traders, I have been impressed with the strong action in India’s “Nifty 50” Stock Market Index lately. Let’s take a look at the daily and weekly chart to see the structure and learn some valuable quick lessons.
Let’s take a look at India’s Nifty-50 Index, which is bumping up against the falling 20 week EMA which could serve as a temporary upper-limit after the astounding 40% (1,000 point) price run-up off the March lows. Price has rallied 1,000 points into resistance at the falling (yet flattening) 50 week exponential moving average, and…
India’s “Nifty 50” stock market index is coming into potential key overhead resistance on the weekly chart after an impressive rally to levels not seen since October 2008. Let’s see the structure and note prior bear market rallies. Nifty Weekly Chart: First, let’s note the technical structure. Price has broken above a down-trend line (not…
India’s Nifty Index (as well as the $BSE Bombay Sensex Index) showed great strength in its recent price swing from 2,500 to 3,100 over the last two weeks. Let’s look at the Nifty Daily Chart to see its current consolidation structure and note key points to watch. Click for full image. I’m sidestepping the Elliott…
I thought I’d do something a little different in my weekly take of India’s “Nifty” Stock Index ($CNXN) and describe a Fibonacci Confluence Resistance Zone and also run a Fibonacci Price Projection Point as well. “Nifty” Confluence Fibonacci Grid: Without giving away too many of my secrets, or the method behind the madness, we see…
Let’s take a look at India’s Nifty Index both on a Weekly and Daily view and look at an alternate Elliott Wave count and vital support and resistance numbers. $CNXN Nifty Weekly: I’m going to use this post to explore some possibilities instead of giving an opinion on the likely direction due to the price…