Reliance Industries force index negative divergence

• The positive divergence of force index in reliance industries in February gave a good rally from 970 range to 1150. 
• But during its journey to 1150 force index has formed a negative divergence.
• This negative divergence makes it even tougher for reliance to cross 1150.
• Take long position only on a convincing break of 1150.

thank you

take care

Nifty Daily Chart technical analysis till 9th april

• The ovals shows how smart money gets out of the market
• We already had one round of profit taking last week
• But fridays price action is an indication that there is some more upmove left.
• The channel is getting converged so a false break out toward the weekly channel top is possible.
• We will see the second round of profit taking at the weekly channel top if we get there.
• The daily stochastic, cci is in overbought status so look for  negative divergence when it goes pass 5400.

Mahindra & Mahindra LTD Triangle breakout trade

This post is for my friend ARS

He has asked about M&M Charts.

Mahindra & Mahindra LTD has formed a triangle in the daily time frame.

Look for a break out of the triangle and close above or below 5 EMA.

If you follow the price, most of your trades will give you profit.

Don't try to predict a reversal. See the reversal on the chart and you turn with it.

thank you

take care

Bank of india Triangle break out trade

• We have a clear triangle break out in bank of india.
• one can go long keeping a stop loss of 345.
• if the stock closes above 390 within next week it can go till 460.
• Keep 5 EMA on daily chart as stop loss.

Nifty on the verge of a breakout but to which side

NIFTY WEEK 

Look how simple it is with channels and trend lines. for nifty the price is nearing a point were it has to go through the roof or break the trend line. 

Reliance after touching 1150 went down on thursday, But managed to retrace so if reliance break 1150 convincingly we may have a channel breakout  or else we will have a trend line break.

I will give my views on nifty daily chart during sunday

take care everyone.

Nifty Month chart technical analysis

Nifty has reversed for the third time in seven months from the resistance line of what seems to be a triangle pattern thats developing in the monthly chart. For this month i feel the top has formed at 5400 and we have already started the downward journey 

Suzlon in a triangle about to breakout

Suzlon in a  beautiful triangle pattern. Thanks to ANUJ for bringing it to my notice.

For Suzlon a break out on either way is possible. Suzlon is a well traded stock so it may go with the nifty. If nifty breaks down from the current levels it may break the lower boundary. But remember triangles are known for their FALSE BREAKOUTS.