December 30, 2011

TCS Chart Analysis

  • TCS Weekly chart near important resistance levels.
  • Daily chart is moving up above 50 Day SMA and daily trend line.
  • Daily indicators are overbought and the correction if happens may be limited to the 50 Day SMA or the daily trend line. Bigger correction may happen once the moving average and trend line gets broken.
  • Hour chart is showing bullish Ascending triangle pattern. Bigger up moves will be possible only if stock crosses the big resistance level shown in weekly chart on closing basis.
  • Breaking 1159 will favor a short trade in TCS. Long trades is not showing good risk reward ratio unless the stock decides to breakout above the strong resistance level of weekly chart.

By at

3 comments:

  1. Nilesh PatilDecember 30, 2011 at 12:51 PM

    @ San sir,
    could you plese update gold chart with fibo level

    ReplyDelete
  2. SanDecember 30, 2011 at 1:11 PM

    @Nilesh
    I will update the chart and post a link here.

    ReplyDelete
  3. SanDecember 30, 2011 at 3:57 PM

    GOLD Chart updated: http://niftychartsandpatterns.blogspot.com/2011/12/gold-closing-in-on-death-cross.html

    ReplyDelete

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