Nifty is knocking on the cieling.... Break OUT above 5436 will seek out 5525
Today Nifty gave a hint by closing above the prev tops of 5412.. Tomo we shall know if it can sustain?
From stand point of TA, the pattern can be viewed as BULLISH CONSOLIDATION (FLAG / PENNANT) , or, a BEARISH DISTRIBUTION (Rising Wedge)
VERDICT OF SMO SAR
1. Price close above 5DHEMA is BULLISH, until proven otherwise by immediate close below 5DLEMA (5345 currently)
2. The Double / Triple Top Pattern is ESTABLISHED only by BREAK BELOW Inter-mediate low (Prev Doji / Engulfing Bear low @ 5323)
Levels to watch out:
BULLS: Breakout ABOVE 5436
BEARS: Breakdown BELOW 5323
SMO SAR says : NO CHANGE IN BULL TREND SEEN AS ON TODAY, carry Old Longs wid TSL of 5DLEMA, until close below cheers
SMO SAR.. .said so.. Flag Break-out proved so... 5525 was achvd so.. :-)
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