May 21, 2011

NIFTY WEEKEND UPDATE

  • Nifty's Bear Flag breakdown seems to be failing. But price hit resistance on the support line of the Flag which may act as resistance. If price manage to close inside the pattern we may see Bullish price action.
  • Price also seems to be coming down in a descending channel formation as shown in 2nd chart.. On Friday price attempted to breakout above the channel But price was not able to sustain at higher levels.
  • Last chart shows Oversold stochastic reading which may give a bounce. But it may also stay oversold giving more gains for bears.
  • Final chart is the weekly time frame which shows a Hammer like candlestick which may favor Bulls. All candlestick patterns need confirmation so bears should not get too worried.
By at

6 comments:

  1. Ram CharanMay 21, 2011 at 11:29 AM

    Hi San,

    For the fast stockhstics what are the settings that you use?

    and do you know which site shows hourly charts in nifty?

    ReplyDelete
  2. niftyMay 21, 2011 at 4:21 PM

    San

    Thanks for the updates.

    ReplyDelete
  3. H2OMay 21, 2011 at 4:45 PM

    Ramchandran, it seems slowstochatis, 14 and 3. San has to confirm.

    ReplyDelete
  4. SanMay 21, 2011 at 5:43 PM

    @H2O
    Thats right, settings are 14 and 3 as can be seen in the chart.

    ReplyDelete
  5. alphabet1May 21, 2011 at 10:19 PM

    Great choice of charts, and yes great charts too.

    ReplyDelete
  6. SanMay 21, 2011 at 11:45 PM

    @alphabet1
    Thanks

    ReplyDelete

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