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5 Reasons why NIFTY is Ready To Resume Long Term Bullish Trend

Here are 5 reasons why NIFTY has potential to resume its primary (long term) bullish trend.
  1. Price has broken out above 1 year old descending trend line resistance which was drawn by connecting life time high of 9119.20 ( March, 2015) and another swing high 8654.75 (July, 2015).
  2. Broken trend line has provided strong support during most recent bearish attempts.
  3. Price has been staying above 20, 50 days EMAs and 20 days EMA is above 50 days EMA and both EMAs are trending up.
  4. Nifty has found strong support near 23.8% Fibonacci correction of bullish attempt from low of 6825.80 to high 7992. Smaller the retracement stronger the trend. 
  5. Price has started attacking on 200 days moving average while MACD is in positive territory. 
A Confirmed breakout above 8000 will lead a strong rally in this index, whereas failure of 7650 will invalidate recent bullish developments. 
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