The Nifty50 Index Is Continuously Trading Above Its Short-Term Upward Trend Line - Dollar Advisory Financial Services

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Thursday 16 August 2018

The Nifty50 Index Is Continuously Trading Above Its Short-Term Upward Trend Line

The Nifty50 index is continuously trading above its short-term upward trend line (trend line drawn from June 28 to July 20 low) which indicates that the index has potential to move higher around 11,495 (life time high level) and 11,588 (upper Bollinger band) with the support around 11,376 (trend line) and 11,310 (20EMA) levels.

The Relative Strength Index (RSI) on the daily chart is 67.76, trading near overbought zone and the daily MACD trading above zero line but just crossed below its signal line, which indicates that the bias could remain sideways in upcoming trading sessions.

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