May 24, 2010

I SHARES RUSSEL 2000 INDEX WEEKLY CHART
I SHARES RUSSEL 2000 INDEX DAILY CHART
  • THE Index is moving up in an upward moving channel.
  • A close below 64 will break the channel. Staying above 64 the channel is valid and will move up to 74 in the coming weeks.
  • Keep 62 as stop loss for a long trade.
  • Daily chart shows the index closing above its 200 day moving average. 
  • Trading above 64 will lead to upside targets of 70 and 74.
thank you
CITIGROUP DAILY CHART
  • DAILY Chart is showing a BULLISH ENGULFING Candlestick pattern
  • Stock has managed to close above 200 SMA.
  • There is good positive divergence in MACD.
  • Immediate resistance at 21.60 Trading above that the stock will move to 23.
thank you
UPDATED CHART

NIFTY HOUR
  • NIFTY hour has formed a triangle.
  • The trend line is holding for now. If it breaks nifty may go below 4900 again.
  • But if the triangle breaks on the upside(5030). We will go to 5080.
thank you
TATA MOTORS
  • TATA MOTORS channel may present a long opportunity if it holds the channel bottom.
  • Keep 665 as strict stop loss and go long. One can rise the stop loss a bit to the channel bottom line itself.
  • A move at least till the middle of the channel can be expected.
  • Stochastic has come to the oversold zone. as you can see in this screen the last 3 times the stochastic entered this oversold zone it has given a good bounce.
  • One can also see a large deviation from the 20 SMA. So the price need to come back to the SMA before taking the next direction.(NOT A THUMB RULE BUT HAS SEEN IT HAPPEN BEFORE).  
  • CAUTION: REMEMBER YOUR STOP LOSS THE CHANNEL BOTTOM LINE.
thank you

RENUKA SUGARS LTD DAILY CHART
  • Renuka sugars Ltd has been showing divergence for quite some time now. 
  • But no one knows when it will show its effect. So we have to go by the price action.
  • There was one break out above the 20 SMA which did not last. 
  • And with so much positive divergence the next break out may give a good long trade.
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.

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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