May 18, 2010

UPDATED CHART
NIFTY HOUR CHART
  • NIFTY hour chart showing a trend line and a resistance line.
  • Holding the trend line as support nifty may try to close above 5100 in the coming day's. 
  • Bearish scenario would be a break of the trend line and support and a retest of the lows formed during this week.
thank you
UPDATED CHART - III
UPDATED CHART - II

UPDATED CHART

  • Nifty 5 minutes chart shows nifty at an important trend line and near resistance line.
  • Break of either line will give direction for the short term.
  • If the trend line holds it will break the resistance and will go above 5100.
thank you
  • We can see a Descending Broadening wedge pattern in nifty.
  • Break out can be on either side..
  • Broadening patterns are usually negative and breaks on the lower side. 
  • But the statistics for descending Broadening wedge shows that this particular pattern has given more successful upside break outs.
  • For target see the break out side. see the highest and lowest point within the pattern and add it to the break out point for going long, and opposite for going short. 
thank you

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

Followers

Blog Archive

Powered by Blogger.

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