S&P 500 31st August 2011

 Daily Chart

Bears strongly defended the fence at the bear flag resistance line. The candle shows indecision which is another point in favour of the bears.The higher high registered yesterday goes in favour of the bulls who may try to rally till the 200 dema at 1257.



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Lakshmi Ramachandran
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S&P500 30th August 2011

 Daily Chart

The pennant invalidated. The bears still have a chance of  stopping the bulls with a bear flag at the red dotted line !


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Lakshmi Ramachandran
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Reigning The Nifty 30th August 2011

Daily Chart

A good bounce breaking out of the steep downtrendline.The bounce coming after oversold status and positive divergences should carry on for some time.

Daily Chart

The short term 5dema is the only one to have turned up. 10 dema proved resistance at 4929 and is flat. All medium and long term demas falling yet indicating caution on longs.

 Resistance at 4975-5034. Support at 4883-4852-4827-4801.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 30th August 2011

 Daily Chart

Just a wee step towards recovery. A lot of work remains to be done to shake off the bearishness technically.

Resistance at 9517-9590-9625.Support at 8198-8864-8801.


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Lakshmi Ramachandran
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S&P500 29th August 2011

 Daily Chart

A pennant formation which is a continuation pattern indicating the downtrend to continue. Resistance at 1185-1208  and Support at 1170-1157-1146-1136.



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Lakshmi Ramachandran
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Reigning The Nifty 29th August 2011

 Weekly Chart

The red equidistant parrellel lines drawn proved good support this week. Support for next week is at 4773. 4786 which is the 38.2% fibo retracement level of entire rise from March 2009 has been violated. 4650 is the neckline support which  I have been talking about since June 2009. 4625 is support on the green uptrendline.The fall should stall in this area failing which 3900 is achievable.

 

 Daily Chart

The fall has been sharp and continuous as is obvious from the narrow falling wedge. 4675, low of year 2010 should hold else more bearishness could set in.

Half Hourly Chart

The tiny bearish head and shoulder pattern took the Nifty to 4720. Target is at 4698. 4650 is fibo support as shown on the charts.

Conclusion : Nifty is highly oversold on all time frames. The 4700-4600 area has good support. If Nifty fails to take support at these levels 3900 is achievable.


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Lakshmi Ramachandran
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Reigning The Bank Nifty 29th August 2011

 Weekly Chart

A decisive close below the 38.2% fibo level of the entire rise from March 2009.Looks all set the test the 2010 low of 8150.This is close to the bear flag target of 8100 I have been mentioning since May 2011.The 50 % fibo level too is at 8338. This 8300-8100 area should provide good support.

 Weekly Chart II

 Having reached oversold levels a pullback could come in anytime.

Daily Chart

With no signs of stopping the bleeding checked out lower fibo levels.

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Lakshmi Ramachandran
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S&P500 26th August 2011

 Daily Chart

Immediate Resistance and Support marked on charts

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Lakshmi Ramachandran
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Reigning The Nifty 26th August 2011

 Daily Chart

 Channel resistance proved too strong for the Nifty which now stands at 4874. Year 2010 low si at 4786 and the channel support is at 4780.It is also the 38.2% retracement level of rise from March 2009 as shown in my earlier posts.

Half Hourly Chart

The last leg of the fall from 5740 has been steep and has failed to show any signs of a relief to the bulls.If 4780 fails the next support in sight is at 4650. 4650 is also the neckline of the inverted head and shoulder pattern shown in my earlier posts and referred once again in my weekly post of 22nd.

Head and Shoulder Pattern

A tiny head and shoulder bearish pattern appeared

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Lakshmi Ramachandran
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Reigning The Bank Nifty 26th August 2011

 Weekly Chart

 Daily Chart

 Bear flag target at 8100. 50% fibo level of rise from March 2009 lows at 8310.2010 year low at 8150. Thus this area of 8300 to 8100 should prove a good coushion. Bank Nifty having made a lower low today seems to be marching towards this target.

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Lakshmi Ramachandran
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S&P500 25th August 2011

 Daily Chart

 Good follow up buying. Next resistance at 1181-1208.

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Lakshmi Ramachandran
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Reigning The Nifty 25th August 2011

 Daily Chart

Sharp fall as shown by the downtrending channel.  Nifty needs to trade above 4894 tomorrow to stage a recovery. Today's candle formed an Inside Day pattern with high at 4962 and low at 4875.The inside day  occurs when the entire daily price range for a given security falls within the price range of the previous day.It signals indecision because neither the bulls nor the bears are able to send the price beyond the range of the previous day.However , if an inside day is found at the end of a prolonged downtrend and is located near a level of support, it can be used to signal a bullish shift in trend.

Half Hourly Chart

 Flag formation in today's trade showing possibility of a resumption of the short term uptrend.


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Lakshmi Ramachandran
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Reigning The Bank Nifty 25th August 2011

 Daily Chart

An outside day continuing with the indecision shown by the dojis earlier.Outside days are one day reversal patterns but the bearishness which persisted today calls for further bearishness rather than a reversal. Low of  9225 should be held for bullishness to surface.



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Lakshmi Ramachandran
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S&P500 24th August 2011

 Daily Chart

 Good pullback which could run into stiff resistance at 1165.

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Lakshmi Ramachandran
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Reigning The Nifty 24th August 2011

 Daily Chart

Beaten down Nifty  trying hard to get up. Will need a lot more to get the strength to start an uptrend. The last gap made on  19th which recorded the low of 1796 has been closed. This gives a good chance of rallying upto 5229 which is the high registered on the earlier gap down day on 5th August.

Retracement levels and trendline resistances marked on half hourly chart shown below.

Half Hourly Chart

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Lakshmi Ramachandran
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Reigning The Bank Nifty 24th August 2011

 Daily Chart

Three dojis in a row showing indecision in continuing the present trend , which is down.Yesterday's low is now important support with today's doji making a  higher low. Retracement levels marked.



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Lakshmi Ramachandran
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S&P500 23rd August 2011

 Daily Chart

 A hammer at support of 1120.The long upper shadow which depicts selling at higher levels is ignored when the hammer appears after a strong downtrend.The fact that sellers were unable to send prices lower than the support at 1120 is given greater importance and thus the hammer at this juncture is considered bullish.With a pullback overdue a short term reversal may be in the offing. Longs to keep a strict stop at 1120.




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Lakshmi Ramachandran
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Reining The Nifty 23rd August 2011

 Daily Chart

A bullish engulfing candle making a higher high higher low increasing chances of a pullback.Close too was at the upper end of todays range.

 Half Hourly Chart

Retracement levels marked on the half hourly chart.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 23rd August 2011

 Daily Chart

A doji with a long lower shadow increases the possibility of a pullback. Levels marked.If fails to pullback the lower targets as under.

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Lakshmi Ramachandran
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S&P500 22nd August 2011

 Weekly Chart

 Daily Chart

Highly oversold but no signs of recovery till now. Weekly charts shows the 50% fibo level at  1010 coinciding with the low of last year. Should find support there.



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Lakshmi Ramachandran
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Reigning The Nifty 22nd August 2011

Weekly Chart I

 Weekly Chart II

Nifty stopped near the fibo confluence of  4786. Holding 4650 is extremely important as is obvious from the fact that it is the neckline of the inverted head and shoulder pattern which formed over a year and two months from June 2008 to August 2009.The target for this pattern was 7050.If the 4650 level breaks then the pattern would be invalidated and we may expect lower levels.Key resistances are 5275, marked on the chart and 100wema @ 5301.

Daily Chart

Lower targets marked on daily chart

Half Hourly Chart

Resistances on a  pullback, which is due now,   marked on half hourly chart.

 

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Lakshmi Ramachandran
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Reigning The Bank Nifty 22nd August 2011

 Weekly Chart

 Trendline support respected.Oscillators at extreme oversold levels.Ripe for a  pullback.

Weekly Chart II

Chart II shows lower targets

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The Gold Rush Update

 Posting on popular demand

 Daily Chart

Gold has had as steep a rise as the fall equities have had. Reverse action in both should occur sooner than later. The stochastics already shows negative divergence.Even a small reaction or sideways movement would set the RSI (which has not made a new high in line with the price) in negative divergence.  The red line in the Macd window shows the maximum levels reached till the recent steep rise.Macd thus has reached extreme overbought levels signalling a pullback is due.Volumes have been falling lately, as marked on the chart, showing lower participation on rises.

Booking partial profits is prudent. The greedy can keep a tight stop at 1725 till the further target of 1950 is achieved.
 

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Lakshmi Ramachandran
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S&P500 19th August 2011

 Daily Chart

A close below the 61.8% fibo level shown in green signals more fall to come. Lower targets marked on charts.



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Reigning The Nifty 19th August 2011

 Daily Chart

 Half Hourly Chart

Pennant broken  proving  it's "continuation pattern" characteristic.Half hourly oscillators about to give postitive divergence. Partial booking of profits on shorts would be prudent.


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Lakshmi Ramachandran
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Reigning The Bank Nifty 19th August 2011

 Daily Chart

Meltdown continues.Further targets marked.

Reminder: bear flag target 7725 . Refer post http://vipreetinvestments.blogspot.com/2011/05/reigning-bank-nifty-30th-may-2011.html,  AND, head and shoulder target 8700 .Refer post http://vipreetinvestments.blogspot.com/2011/08/reigning-bank-nifty-18th-august-2011.html
 


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S&P500 18th August 2011

 Daily Chart

A high wave candle showing confusion .This shows the rally from 1101 may be petering out.The 50 and 200 dema have signalled the death cross which is ominous. As mentioned earlier reacting from the 38.2% fibo level indicates continuation of the downtrend.



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Reigning The Nifty 18th August 2011

 

 Daily Chart

The Nifty managed to remain within the pennant leaving traders guessing about the immediate direction which has been sideways since the gap down day.

Half Hourly Chart

The half hourly chart depicts traders frustration with a yo-yo within the triangle.A break from this pattern should set the short term direction. However the trend in the medium term is down and should be kept in mind when initiating longs as per short term signals.



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Lakshmi Ramachandran
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Reigning The Bank Nifty 18th August 2011

Daily Chart  

Daily Chart II

Yesterday's bear flag broke down in a hurry and decisively. A new low at 9870 registered and a new  closing low below the 10000 mark shows weakness persists. The head and shoulder target of 8700 seems achievable.Fibo levels which may give support marked on chart I.


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Lakshmi Ramachandran
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S&P500 17th August 2011

 Daily Chart

Pullback to the rise from lows of 1101 resumed yetserday. Since the pullback was restricted to 38.2% the downtrend should have resumed.The 50 and 200 dema threatening a death cross if the fall continues.Shorts with a stop just above 50 % retracement level of 1236 can be initiated.

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Lakshmi Ramachandran
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