Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, July 5, 2011

Reigning The Bank Nifty 5th July 2011

 Daily Chart

Reacted at the downtrendline from 13304.The candle formed  a hanging man which is a bearish reversal pattern.The lower shadow is  two times the length of the body and the real body is at the upper end of the trading range.There is a very small upper shadow. All criterias fulfilled.The gap up opening today makes the possibility of a reversal stronger.The hanging man however requires confirmation of it's bearishness from tomorrow's candle.Over bought oscillators strengthen the possible bearish view.

The hanging man is  an alert that the short term uptrend may reverse. Wait for more confirmation as the bias  is still positive with a higher high and higher low.

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Happy Trading !!
Lakshmi Ramachandran

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