April 19, 2011

NIFTY in a Triangle pattern

  • MACD in daily has given a sell There is a conflict there because MACD week is still favoring bulls.
  • Price resting at 38.2% and 200 DMA So breakdown from here will push nifty below 5700 towards 5650 levels.
  • Nifty Week is showing a big triangle pattern. Rules of the triangle gives a breakout target of 1549 points. If price moves down towards the support line of the triangle We will get a perfect triangle pattern. 
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6 comments:

  1. PrabakarApril 19, 2011 at 8:21 AM

    Good Morning San,

    Do you expect a small bounce because of Hourly stoch OS, after a fall in the opening because of global cues?

    ReplyDelete
  2. SanApril 19, 2011 at 9:28 AM

    Sorry Prabakar for the delayed reply. @9:30 I am seeing a doji candle in hour chart. so we may get a bounce from here

    ReplyDelete
  3. AustinApril 19, 2011 at 10:33 AM

    San
    What do you make of the simple fact that the very strong bullish candle was completely filled? This is bearish no doubt
    Thanks
    Austin

    ReplyDelete
  4. SanApril 19, 2011 at 10:36 AM

    @Austin
    It is kind of up and down market. But bears will be comfortable because we are coming down from resisting trend lines and overbought Indicator readings in daily chart.

    ReplyDelete
  5. Ravi KolliparaApril 20, 2011 at 8:09 AM

    Hi San,

    Your blog is great and very informative. thanks for the excellent charts.

    Can you provide your thoughts on GOOG?

    Thanks,
    Ravi

    ReplyDelete
  6. SanApril 20, 2011 at 9:51 AM

    @ravik

    I will try to update GOOG Chart before U.S opening today.

    ReplyDelete

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