May 5, 2010

ANDHRA BANK WEEKLY CHART
  • ANDHRA BANK weekly chart shows the break out from a cup and handle pattern
  • the break out is accompanied by good volume increase
  • Target according to cup and handle pattern rules is 200. 129 is the break out area this should be kept as stop loss for long trades.
thank you
NIFTY DAILY CHART
  • Another example of a classic pattern showing its effect at the top of the trend.
  • Not a perfect form of H&S, But we have seen complex forms of H&S in the past giving great trading opportunities.
  • this one has it's target around 5000.
thank you
UPDATED CHART FOR BELOW TRADE
MACD 30 MINUTES
  • If we manage to move past today's high 5110 and yesterdays low 5134 and a close above it will be positive for the short term
  • MACD 30 minutes has given a buy
RELIANCE DAILY CHART
  • RELIANCE INDUSTRIES daily chart shows positive divergence developing in daily chart.
  • Stock is moving down in a channel.
  • Stock may get support at 990-1000 region. 
  • Keep 980 as stop loss and one can go long from 990 to 1000 region for an upside target of 1150.
Trade is based on the support given by the ascending trend line. If the stock breaks and closes below the trend line this trade is not valid and one should exit.

thank you
NIFTY MONTH CHART
  • NIFTY month chart shows a possible support at 5000 area.
  • the ascending trend line has given support twice. It may again support the bulls
last month the resistance line clearly showed the top at 5400 see it HERE.


UPDATED CHART

TRIANGLE


  • NIFTY triangle in hourly chart is broken but the follow up action is not there.
  • it seems nifty is waiting for some more bad news to go down

  • Falling wedge example in nifty.
  • This one took 12 days to form and break out.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore