RELIANCE technical analysis for 03 may 2010

RELIANCE DAILY CHART

• RELIANCE DAILY chart shows clear supporting trend line.
• 990 to 1010 region has very good support.
• a reversal from this region can bring it back to the resistance region of 1150 during this month.
• Any possibility should not be ruled out in stock market. So we should not rule out the negative possibility. A break of this trend line should be very bearish news not only for reliance but for nifty as well.

My first chart was based on reliance which met the target exactly. see it

HERE

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NIFTY Descending Triangle in daily line chart

NIFTY DAILY CHART

• NIFTY line chart shows descending triangle.
• break of 5200 and close below it will be bearish.
• Break of the ascending triangle trend line will be a bullish sign. 
• Break of 5300 and trading above it can only confirm a clear long signal.

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NIFTY hour triangle about to break on the lower side

NIFTY HOUR CHART

• NIFTY HOUR chart is very close to breaking the triangle
• we have multiple bearish patterns today
• 15 minutes head and shoulders
• 1 hour island reversal
• triangle in hourly chart about to break on the lower side.
• All said and done 5200 has to break on the lower side.

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NIFTY 15 minutes head and shoulders

NIFTY 15 MINUTES CHART

• Head and shoulders in nity 15 minutes chart.
• trading below neckline can give 5130.
• breaking 5200 will confirm the sell.

NIFTY hourly chart shows island reversal

NIFTY HOURLY CHART

• NIFTY island reversal shown here in hourly chart
• GAP is yet to be filled. So the pattern is valid.
• If 5200 breaks before the GAP is filled this can give good results for the bears.

NIFTY week technical analysis

NIFTY WEEK CHART

• NIFTY WEEK is showing indecision after breaking the week trend line.
• break of the channel line in the middle will bring it to the lower part of the channel.
• daily chart has formed a descending triangle which should give direction in the coming week.

NIFTY triangles will give direction soon

NIFTY DAY CANDLESTICK CHART

NIFTY DAY LINE CHART

• NIFTY daily chart is in a triangle 
• one can follow the line chart, line chart may save one from a false break out. following line chart on a closing basis can give a good entry.
• One can also see an inverted head and shoulder pattern. IHNS being a bullish pattern may give a clue to which side this triangle is going to break out. But 5300 will be hard to cross.