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. 

6 comments:

  1. Good Morning San,

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

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  2. 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

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  3. 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

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  4. @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.

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  5. Hi San,

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

    Can you provide your thoughts on GOOG?

    Thanks,
    Ravi

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  6. @ravik

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

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