Weekly Charts
Daily Chart
Daily Line Chart
Daily chart show the third unsuccessful strike at the 5182 level . On the sensex a lower high was made. Line charts have already broken the recent uptrendline.Obv has broken below the low made on 7th .All the oscillators have been weak throughout this rally.Macd is ready to give a sell. The uptrend is still intact as all period emas are bullishly aligned. However the rise from 4538 has been sluggish , having taken more time in recovering to touch the previous high and being unable to scale it.
Advance Decline Line too is sluggish .
Advance Decline
Half Hourly Chart
We now have a triple top at 5182. The rising wedge has support at 4965 and resistance at 5205.
The latest action has formed an ascending triangle, which is a bullish pattern
.
Chameleons can trade long with a stop loss of 5095-5105 which are the levels of the lower trendline of the triangle. Positional longs can keep a stop at 5051 which was the last significant low made.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
11 comments:
Thank you very much for posting such a detailed review -- and accepting my request for posting AD ratio!
It says much about your passion for markets.
Thanks a ton for your early updation :)
Regards
Many thanks Lakshmi, simple and clear analysis, brilliant.
Regards
Lee,
Leeds UK
thanks
I am thinking Nifty has an outside chance of testing 5038 (although it would be mighty to break the 5080-5050 supports) as it represents 38.2% retracement of rise from 4806 to 5181. It also coincides with channel support you have shown in the first chart.
As someone has said -- one should have an opinion about the markets but respect the tape!
It would be nice if comments can be embedded with charts of our own.
Girish,
you could post it on the discussion forum at http://www.vipreetsafetrading.com/forum/
and alert everyone about it in the comment box
Thanks for your early pudation. It will help small of traders.
Thanks!
I have posted the chart and some key levels below 5050 @ http://www.vipreetsafetrading.com/forum/viewtopic.php?f=3&t=211#p1879
Incidentally 5038 is close to 5043, the 20DMA for Nifty.
Lets see how this week pans out.
Regards,
Girish
readers please visit the forum and read girish's views and comment on the same
MARKET TODAY
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