Daily Chart
Daily Line Chart
Half Hourly Chart
- Lower bottom lower top formed after trading in a very tight range and breaking below the rising channel.
- Potential of an island top reversal if gaps down tomorrow.Watch 4942.40 for the same.
- Daily stochastics has moved below the 80 line in sell mode and Rsi14 has turned down too with negative divergence intact.
- Line charts show 5160 as first support. 200ema on half hourly charts support at 5165. 20ema on daily at 5150. We could consider this 5150-5165 level strong support.
- Half hourly charts show 50 ema as good support which is now at 5252. Falling channel support and resistance marked on the charts.
- 5,10 and 20 ema bearishly aligned on half hourly charts.
- Half hourly oscillators, excepting the stochastics which has moved up from oversold zone, are all moving up without reaching oversold zone which is a sign of strength.
Hedged longs to continue till more evidence of reversal.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
4 comments:
Thanks a ton for the early updation.
In 5th point 50 ema is 5252 right mam? (as per half hourly chart- please correct time permits) and all ema's are showing -ve, Is it possible to bounce back as per your last para only becoz of "it's not touching OS levels"?
I like your 2nd and 4th points, but unfortunately market will not react as per my wish lolz .. :)
Good night.
Regards
thanks sujata.have corrected it.
Hi,
Thanks.
You have mentioned "if gap down" island reversal is possible, not gapped down, but closed in -ve that too below 50 ema, still island reversal is possible?
Eagarly waiting for your updation.
Happy week end.
Thanks and regards
no not possible as the gap has been filled
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