Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, July 23, 2009

Reigning The Nifty - 24th July , 2009

Half Hourly Chart

Daily Chart

Daily Chart

  • Inside Day pattern. Breakout points <> 4558.
  • Rsi 14 and Macd stron but stochastic has turned down from overbought zone giving a sell signal.
  • Moving averages are bullishly aligned.
  • Breakout from red channel.
  • A probable inverse head and shoulders pattern spotted, shown the neckline in pink, and offering resistance at 4575.

Intraday Charts
  • Intraday oscillators are strong once again .
  • Moving averages are once again bullishly aligned.
  • Spotted a Diamond pattern which is considered a bearish signal, indicating a possible reversal of the current uptrend . The pattern forms when prices are making wild swings turning traders bullish once and bearish immediately after.This formation is not very reliable and may sometimes turn out to be a continuation pattern.
  • In the present case the high and low of the diamond coincides with the Inside day pattern's breakout points.

Crossing 4558 -4577 will turn the nifty extremely bullish. However we will first see whether the diamond is going to sparkle or turn into it's original form- black coal !!

Happy Trading !!

Lakshmi Ramachandran