RSI EDGE ANALYSIS ON NIFTY FOR THE WEEK 19/3/2108 – 23/3/2018
Nifty – The RSI has fallen down below the 50 levels on the weekly charts. This is quite bearish signal for the index as a whole. The moves were accompanied with volumes. A sharp move to 9740 levels is expected on the trend line support (marked with a blue circle), the RSI time cycle rests on 31st March, this further indicates that this target may be achieved before 31st March 2018 itself.
As long as 10400 is protected there is a very dim chance for buyers to succeed.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA