Daily Line Chart
Daily Chart
Half Hourly Chart
Sensex Daily Chart
- Bearishness of 'outside day ' mentioned yesterday played out ending in a huge bearish engulfing candle for the day. It is better visible on the sensex.
- Oscillators on half hourly charts are weak and daily oscillators are in the neutral zone showing weakening signs. The daily Macd has given a sell.
- Emas on half hourly charts are bearishly aligned except the 200ema which gives support at 5222.
- Emas on daily charts still bullishly aligned.
Range trading is very difficult and the nifty has been stuck in the range of 5160-5310 since the beginning of this month. If the level of 5169 gives way we have a confirmed double top with a target of 5050. Hope readers took note of recommendation to book partial profits. Remaining longs can be continued with a strict stop loss of 5169.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
5 comments:
double tops and bottoms are reversal patterns whichh are meaningful when these occur after sufficient long run of uptrend/downtrend. Also , these need to be formed over a period of time. On daily chart, it should be at least 6-8 weeks.what do u say?
technical analysis can be applied to any time frame. The longer the time period the higher the probability of success
So u were right in ur observation of double top?
I was not saying about time frame. I was commenting on the reversal patterns. Reversal patterns on daily time frame should be forming over few weeks.
yes double top confirmed with target around 5030. well regarding time frame , the larger the number of days taken to form the more powerful the pattern
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