Half Hourly Chart
Daily Line Chart
The weakness was evident since last few days and I had mentioned that "Since last two trading sessions a sharp sell of at midsession is seen with no attempts to recover the highs of the day".The Nifty made a huge black bearish candle today.
Head and shoulder neckline at 5084 broken giving a target of 4984
Double top at 5182 confirmed by break of the trough at 5051 giving a target of 4924
Fibonacci supports before reaching these levels is marked.
Daily Line charts next support is at 4942.
Trade with appropriate stops as per risk profile
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
hi lakshmi mam,
yesterday u have given a query in the forum
http://www.vipreetsafetrading.com/forum/viewtopic.php?f=7&t=215&start=20
my judgement is not based on any theory or academic rules but purely based on atr and macd values combined with the -ve divergence on weekly charts.
further in weekly charts nifty had flat closing followed by a-ve opening on monday,as we all know doji followed by negative opening at the top is omnious
so that i made such a statement. in markets i don`t have any super brains to foresee tops and bottoms
for regarding atr u can search in SUNILJI`S blog timamo.blogspot
and i too have posts in my blog
http://stoxtrends.blogspot.com/2009/09/atr-volatility-breakouts.html
http://index-trends.blogspot.com/2009/11/markets-at-top.html
and for macd u can visit ilangoji`s blog
http://tradeinniftyonly.blogspot.com/2009_11_29_archive.html
regards
rajamani
thanks for the explanation. i am putting it up at the forum so all can read
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