Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, July 19, 2012

Reigning The Nifty 19th July 2012

Daily Chart

 Supported well at the support line of the falling wedge and broke out of the resistance line too.However a confirmation of the breakout should be awaited tomorrow since it is not very convincing.Also the lower high lower low candle sequence needs to change to higher high higher low to change the bias from bearish to bullish.
Just realised that the candle pattern formed is a bullish harami.The bullish harami occurs in a downtrend and comprises of a  black  candlestick  engulfing a small  white candlestick, and is a sign of a reversal of the downward trend.If today's low of 5169 is held it could be the right shoulder of the inverse head and shoulder forming.Neckline is at 5348.

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Happy Trading !!
Lakshmi Ramachandran

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