- Nifty is about to hit its most important resistance line for this up move. Last two times when this trend line was hit we saw Black candles before the reversal took place. If a reversal has to take place bears shall form a black candle and may be followed by one or two day's of consolidation at this level without breaking above the resistance line.
- A combination of RSI and price has given good short trades from the resistance line. We are facing a similar Scenario But one has to keep in mind how nifty is approaching the resistance line this time. Bulls of nifty has the momentum so bears shall stand before this train and form a black candle for a good reversal trade.
- Don't try to short unless a reversal sign is shown.
- CRUDE OIL If continues its upward momentum may help the bears. CRUDE stands above the resistance line: CLICK HERE FOR THE CHART
- Apple Four hour chart is showing a triangle pattern.
- Daily Time frame is showing a trading range from 324 - 364.
- Breakdown of triangle can bring stock to 324 and If it is a breakout we may see 364 levels again.
- CRUDE OIL ABOVE RESISTANCE LINE
- Crude Oil stands above the resistance line.
- Crude has given a breakout from a consolidation pattern which looks like an ascending triangle.
- If price continues to stay above 106.94 Crude price will push higher.
- ES Four hour chart with the trend line.
- Trend line is not yet violated. Weakness in price can be seen only if this trend line gets violated.
- Break of trend line and 1324.50 may give good correction.
- AT & T INC, PRICE AND VOLUME BREAKOUT
- Bank nifty daily chart is showing weakness for the last two days.
- In case the correction gets extended, Good supports exists between 11100 - 11150 band.
- Correction was followed by a slight negative divergence in MACD indicator.
- Effects of death cross still exists, If BN falls below 200 and 50 DMA again we may see a deeper correction.
- PRICE AND VOLUME BREAKOUT - LIC HOUSING FIN
- AT&T chart is showing price and volume breakout in weekly Time frame.
- Price has closed on a high with good buying volume.
- Price is consolidating in short time. Next long entry can be taken when price breakout of this pattern.
- MICROSOFT DESCENDING TRIANGLE PATTERN
- LIC Housing Finance gave a perfect breakout from a channel along with volume spike.
- Notice the steady decrease in volume when price moves inside the channel. One can avoid false breakouts if the breakout does not have a volume spike. In this case we had both.
- Price was also forming an ascending triangle pattern.
- Price has closed above 200 DMA. Stock will move higher if 200 DMA holds.
- LAST UPDATE ON LIC HOUSING FINANCE
