Its very intresting when comes to analysing Nifty Weekly chart. And I give it here with
5/13 EMA Crossover
1) In Weekly charts 5/13 EMA crossover occupies a great role in deciding buy/sell signals.
2)5/13 EMA crossover happened during may month after crossing 2830 levels in nifty.
Such crossover never happens during the entire year of 2008
3)Currently 5 EMA and 13 EMA lines will act as a support which corresponds to the line
3353 and 3153.
1)RSI-2 levels still above 90 levels for the past 3 weeks which indicates heavily overbought levels
1)CCI-4 indicator falls below 100 after three weeks of sideways movement. Which indicates lack of sudden interest in the market
Top formation in Nifty
Nifty is facing resistance near 3500 levels for the past three weeks which symbols nothing but top formation in nifty. Such top formation is also visible in nifty Weekly charts during JAN 2009 period( Remember Satyam crisis)
Overall all these above indication's suggests a weakening strength of Nifty.