Nifty Tested the Fibonnaci Resistance
17 March 2009
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Nifty Tested the 61.8% fibonacci resistance near 2808 levels.
5EMA Support comes near 2714
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Written by: Rajandran R
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18th March 2009 Nifty touch the downward trendline 2835 (down trendline draw from 3147,2970) and close below the 50 sma 2800.Long upper shadow with white candle appear near the resistance zone means selling hasoccured . Now we are complete the 5th wolf wave. Tomorrow, if Nifty break the 2757 intraday low and close below 2777. Then short term trend revarsal will occure.