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Here is a favorite chart of mine which shows 13,34,55 EMA principle applied to the Nifty 3 Year Weekly charts.Previous historical shows that 13,34,55 EMA lines act as a perfect resistance/supports as highlighted in the charts.Currently Nifty testing 55 EMA region(3524) shows that Nifty is trading near perfect resistance zone.
ImpressiveAny person who has min. Technical knowledge of charts can easily understand with this chart that How EMA supports work like resistance when they are broken.And If we apply these EMAs on Dow (DJI) weekly then it can be seen that Nifty is one step ahead. Dow has just taken support of Weekly EMA(13) But we have taken support of 13 as well as 34 EMAs and currently Nifty is fighting to go above 55 EMA. Dow still need go above Weekly EMA (34) then one can think about Weekly EMA (55) target of Dow.***No doubt why this chart is u’r favorite ?
Hi Abimanyu,Yeah Dow and Crude are still struggling to move above 34 Weekly EMA. But not closing below 13 EMA also on weekly basis. Looks american markets and crude could perform well in upcoming days
Good Analysis.We could see the retracement level 3840 perhaps levels not broken on monday or tuesday which decides the path of Nifty. DLF started to make a south path for Nifty and if all political play arounds over, we repeat the history.Lets wait for the higher high to see the Lows again.Thanks,Selva