The nifty future broke out of the linear regression channel and closed above the same. The short term moving average has also given the crossover over the medium term moving average. Daily RSI bounced strongly from 45 to now trading at 61.18 with a positive momentum in favor of the bulls.
Nifty future closed the week on a very weak note. After the one way rally from past couple weeks of January series nifty future was looking tired and consolidating around 8800 to 9000 range. last whole week the market tried to hold above 8800 levels and tested 9000+ intraday highs on friday before sliding up towards 8900 and lower.
Positive surprise from RBI was welcomed by market players and nifty future opened huge gap up in past week on Thursday trading session.From chart above one can clearly see the nifty future took support on the trendline after the breakout and is now trading well above the same. Momentum indicator is also signs of positive uptrend in short and medium term. The volume is also supporting the chart since the triangle breakout was on higher volume.
Nifty future again breaks out on fridays trading session and made life time highs at 8668 and closed the week at 8638.35. Momentum indicator RSI has turned upwards again. Stochastics oscillator also showing signs of positive momentum and with price action as seen on fridays bulls are in full control.
price closed the week on a positive note in the last trading session of the week. After making the low of 4691 crude bounced back strongly on 5th November and closed the week at 4861. Crude oil price has strong support area of 4840-4830 if on Monday trading session crude oil price manage to sustain this level of 4830 and above expect a sharp rally towards 4951 and there after to 5100.
Shopper stop limited made an technical bullish breakout from triangle formation past week. The stock made its life time high at 572+ and closed the week at 547.25. The last candle is highly bullish candle and had closed above its trend line resistance on breakout which indicates the continuation of trend in the stock in coming weeks and months.