Monthly Chart
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Monthly Charts
- A higher high and a higher low continues but on falling volumes, breadth, and contracting range, forming a rising wedge which is bearish.
- Oscillators continue showing negative divergence.
- Support for the month at 4997 and resistance at 5487.
- A higher high and higher low but showing indecision in the doji's formed for the second consecutive week.
- Oscillators are weak after showing negative divergence.
- Volumes have been average.
- Support for the week is at 5198 below which the downward momentum could accelerate.
- Bullish candles since the last two days yet not been able to retrace completely the fall on the 28th April.
- Oscillators are weak and moving down making lower highs and lower lows.
- 5 ema is below the 10 ema showing waning bullish sentiment.
- 50 dema at 5199.
- Range contracting from 5400-5160 to 5342-5202 implying extreme indecisiveness. Expect blowout effect when these ranges are broken.
- Barring the 50 and 200 ema all other 5,10,20 are bullishly aligned.
- Oscillators are neutral.
Keep positions, long or short, hedged. 5200 should be the stop loss for longs and 5350 for the shorts.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
4 comments:
Hi Laxmi,
If you are using Amirboker for charting, make canldes colourful, go to preference / colour then select up candle as green and downcanldes as red, if you want to change background, you can select choice of your colour.
Cheers!
Navnit
Madam,
Thank you! for the response
Regards
Anurag
MAM,
Awesome charts! I might need another 10 years to get to this level of detailed analysis :) Well, may be even after that I may not be as good.
navnit i use metastock.also i like to keep it simple so the concentration is more on the technicals rather than eye catching colors
girish thanks for the flattering comment
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