Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, August 5, 2009

Reigning The Nifty - 6th August, 2009






Half Hourly Chart




Daily Chart

Daily Chart
  • Lower top lower bottom candle .
  • Two small bodied candles with long lower and upper shadow in a row indicating indecision.
  • Support of rising wedge and inverse head and shoulder neckline held.
  • Negative divergences persist.
  • Rate of increase on moving averages on all time frames is falling.
Half Hourly Chart
  • A tiny bearish head and shoulder pattern visible with a 100 point downside if breaks neckline at 4640-4646.
  • The rising wedge breakdown seems to have been stalled due to strong support on neckline of the inverse head and shoulder pattern shown in green. The possibility of it playing out is open yet.
  • Negative divergence on oscillators intact , but stochastics is moving up furiously and Macd has given a buy.
Volumes were poor but breadth was positive . Only a cross above 4731 will negate short term bearishness completely.

Supports at 4668-4625-4500. Resistances at 4731-4788-4818.


Happy Trading !!

Lakshmi Ramachandran
www.vipreetsafetrading.com

4 comments:

SANDEEPARORA said...

THANKS

navkalp said...

Hello sir,

Perfect, Simply perfect, you said about a little head and shoulder possibility, and it came, I am watching your analysis from last few months, and to be honest you are one of analysts, who are not taken up by
psychology, I never seen you giving some thing away from technical reasons. keep it up.
Wish you very best.

Ashish said...

Hi,

Plz go through ur gmail id as mentioned in the blog.


there will be a mail frm my id grainsandpixels@......com

P.S. plz check the spam forlder also if not in inbox

Alb said...

thanks much :) for your analysis n posts...