June 6, 2010


  • Dow jones was resisted at the 61.8% retracement level of the fall from 14000 to 6400.
  • If 9800 does not hold chances are this fall may stretch till 9400 this is the 38.2% retracement level of the same fall.
  • The only savior of the bulls may be the FALLING WEDGE IN DAILY CHART CLICK HERE TO SEE THE FALLING WEDGE IN DOW JONES
  • The first chart shows tata steel breaking down from an upward moving channel.
  • Came down from 700 levels to 470 levels.
  • The stock is trading close to a trend line.
  • It is showing positive divergence although there is no price confirmation of a reversal yet.
  • The stock has to break the trend line and close above the 20 day moving average for a short term buying opportunity.
  • CLICK HERE TO SEE NIFTY DAILY CHART ANALYSIS

  • After closing above the 20 day moving average renuka sugars has made a good up move.
  • Now it is approaching the ichi cloud resistance 
  • Any more upsides is possible only if the stock can close above the cloud successfully
  • CLICK HERE TO SEE MY RECENT POST ON RENUKA SUGARS

  • Bank nifty has given two false break outs in daily chart.
  • The previous two triangles which broke on the down side ended up as false break outs.
  • The current break out has happened on the upside so will this be a false one as well. Looking at the global markets situation it may en up as another false break out.
  • CLICK HERE TO SEE NIFTY WEEKLY ANALYSIS

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