Half Hourly Chart
Daily Chart
Daily Line Chart
- Sideways action between 5160-5310 continues with an upward bias.
- Double bottom target of 5354 still valid.
- Inverse head and shoulders spotted on the half hourly chart with neckline at 5272.A cross above the neckline will give a target of 5372.All emas are now bullishly aligned favouring a breakout.
- Cushions and hurdles marked on the charts. Weekly cushion at 5120.
Hedged longs to continue as negative divergences are intact on daily charts and the possibility of the fall resuming lurks till the high of 5310 is taken out decisively.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
Dear Lakshmi Ma'am,
Today RIL has broken the trendline connecting the top from Jan 2007 on high volumes. Maybe BSE charting shows the treasury stock sale also in the weekly volume, I am not sure of that. Either way atleast the breakout has happened. Additionally, Gross Refining Margins of oil companies expected to be much better in the coming quarter results. Though I don't hold this stock, it is quite apparent from the consolidation in oil and gas and capital goods space that stocks like RIL, L&T are going to lead the next leg up in the indices. The above breakout coincides with your view of Inverted H&S and I feel if the market shoots up tommorrow / Monday we maybe looking at targets of 5500+ on the Nifty. Thanks as usual for sharing your great analysis on a daily basis.
Thanks
Venky
venky, Technicals do work
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