- made a low of 113 on 27th october
- made a higher bottom at 130 on 19th november
- rallied on thursday and frday last with good volumes
- equilateral triangle formation with breakout 156.8
- 3%kagi on intra charts entry at 158.2
- 50 dema at 156.
- SO WAIT FOR A BREAKOUT FROM THE 156TO 158 LEVELS . TRADE WITH A STRICT STOP LOSS OF 130.
breakout and kagi buy. long entered at 159 . sl at 130
watch for any reaction at 165.75 (previous high)
eod-------- pullback after breakout. can increase stop loss to last swing low at 148.35.
registered low at 151.35. since not much difference with last swing low at 148.35 we can retain sl at 148.35
reacted twice from 166 levels tighten stop loss to last swing low of 151
BREAKOUT from previous high made at 165.75 pending.
ditto as of previous day. days action not very encouraging though sl of 151 held
though markets gapped down -- and so did nalco--- but hit 151 levels and rebounded. this makes the level all the more important. also the recent action after the breakout has formed a flag formation. so continue holding with a sl of 151 to take advantage of breakout from the flag pattern which would give a target of 36 points from point of breakout
given a breakout from the consolidation pattern at 12-30pm. giving a target of 197. however breakout from previous highs areoun 166 is to be watched. a close above this level and holding above this level will confirm the breakout.
eod-----------failed to give breakout today. have to be patient with sl at 151
reacted from 166.85 levels and has broken the recent uptrend line downwards.raise sl to 152.35 which is the 3% kagi sell level.
gave a good breakout intra day above the 167 area but last hour retraced and closed eod above the 166 area. close is not very convincing so tighten stop loss to last swing low at 157.80.
watch out for the 169-170 area where MT TL resistance is very strong having given stiff resistance on 7 occasions including today. so a break from this TL will be very significant.
breakout at 166 held but not able to close at days high. after todays high joing the trendlines shows formation of rising wedge which is bearish in nature. a breakdown from this rising wedge would take it down by 36 points. increase stop loss to last swing low at 165.25