Applying 5EMA(Low-High) rule to the nifty weekly chart we could find that the recent nifty weekly candle got housed between the 5EMA high line and 5EMA low line. i.e between the instance weekly support point 5184 and the weekly resistance point 5325
And when looking into the simple 5EMA strategy we could still find that for the 8th week still nifty maintains closing above the 5EMA line consecutively on weekly basis . And the current 5EMA lines near 5274 which could be support on weekly basis. Any close below 5274 on weekly basis could be an indication of medium term weakness on the system.
Related Readings and Observations
Modified 5 EMA High-Low AFL code Simple 5 EMA High-Low AFL with Interactive dashboard. Strategy suits for higher timeframe like daily, weekly, monthly- Nifty 5EMA(High-Low)+13 EMA Strategy
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