Half Hourly Chart
Daily Chart
The right shoulder has formed and threatens to break the neckline which is at 4170 tomorrow, as per the daily charts. On half hourly charts it has already broken the neckline though not decisively. The target is 3600.Yesterday I wrote, Rising wedge formation--a bearish formation-- in the last 10 days of trade, with falling volumes which is characteristic of the pattern. The appearance of this formation reiterates the view that this is the forming of the right shoulder of the Head and Shoulders pattern.
The fall has been on high volumes and very poor advance decline figures. The earlier low of 4143 has been violated. So we may expect the fall to continue.
The remaining Positional Longs have been stopped out and further strategy would be to wait for a pullback to short the Nifty.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
THANKS, I HAVE OBSERVING METHODS OF Chris Vermeulen's ON WWW.THEGOLDANDOILGUY.COM IF U EVER GET TIME KINDLY COMMENT ON HIS VERY SIMPLE METHODOLOGY OF TRADING WITH LOW RISK SETUP AND HIS CHART REOGNISATION METHODS.
TODAY WAS A VERY LOGICAL DAY FOR TRADE INTRDAY AS BUDGET COME IN MARKET HOURS WITH NO BING BANG - I TRADE AS LINE OF CONTROL A PREVIOUS CLOSE .
yes will definitely look thru the site
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