Calm before the storm

[jaykiru]

Jay

A small clarification.

A shooting star is a top reversal pattern and an inverted hammer is a bottom reversal pattern. A shooting star appearing near the top of an uptrend or a congestion zone is a top reversal pattern. The inverted hammer looks similar to the shooting star but comes near the bottom of an downtrend and is bullish reversal pattern.

The shooting start appearing on the 27th is not an ideal one as there no gap from the previous bar. But it does point out the failure of the bull to keep up the tempo. Also it is not a majot reversal pattern but a warning ofa impending top. the next few sessions could provide the confirmation or otherwise.

regards

Karthik

Thanks a Lot SIR. U R RIGHT.

Jay

 

[ping_manoj]

Re: Aftek : wolf pattern

Sorry about LML ... but I still think that there is a play going on here to trap retail investors into buying a cheap stock. Some brokers are going around whispering it as an 'inside tip'. My natural inclination would be to keep away from the badly managed companies. But the call you have to make. Good luck.

I think, the law of averages caught up with LML. I mean how low could it go! the RSI had touched 20 when the stock touched 10/-. It had to take a bounce. It might further resume its down trend after the bounce. Just that one has to be aware of when to get into the stock. Once a person is experienced and ready he will automatically not fall prey to such diabolic plans of brokers/cheaters causing sinister consiquences.
Well, thats "market"!

People who migh get locked in such situations would be the poor friends who trade on brokers tips!

Causion on LML: Todays candlestick pattern is not giving me a very good feeling about it.

Regards

MANOJ

 

[kuldeep49]

Doomsdayers, chicken littles, and others of their ilk are again gathering. Its like a convention call for the bears. My advice, don't mistake the fall of an acorn to the sky falling. Its a correction and the main trend of the market remains fully intact.
Happy trading

 

[kuldeep49]

The chances are that the market may bounce back from the 3480~3495 levels today.

 

[ivanboesky]

For all those who have not noticed yet, FIIs sold 1016.17 crores in Index Futures, and 482.38 crores in Stock Futures yesterday...

 

[kuldeep49]

For all those who have not noticed yet, FIIs sold 1016.17 crores in Index Futures, and 482.38 crores in Stock Futures yesterday...

Ivan,
That's right but the slack was taken up by somebody (MF's?) and the market gained a little. Am attaching the chart. It shows that yesterday nifty formed an inside bar indicating some sort of a move today. But, today an evening star is formed. ADX indicates a range bound market with is confirmed by the support & resistance lines between 3508 & 3606. MACD is tending towards a cross down the signal line and Trix gave a sell signal on 4th. The combination of these i.e., Trix on 4th, Inside bar (indicating a move to break the trading range) yesterday, the evening star formation today, and finally the MACD signal today; all seem to signal a 'Manic Monday"!!
Regards
Kuldeep

 

[karthikmarar]

Kuldeep

Also a Hanging Man on the nifty weekly... will next week provide the confirmation?... Like you said caution is the watch word now..

 

[kuldeep49]

Manic Monday did not happen and neither did Terrible Tuesday. But what is waiting to happen is a breakout which on the upside will have a major resistance at 3775 and on the downside at 3300. Market is still to give clear signals as to which way it will go. My personal view is that a correction and then a strong upmove is what may happen. For an upwards break 3610 and then 3640 would be the resistances and on the downside 3530, 3500, and 3440 would be the supports.

 

[karthikmarar]

Hi Kuldeep

Again a shooting star on the nifty.... Wonder if the last three days patterns can be termed as a tristar pattern... Any comments from Nison's fans...

The Orange signal is still on...

regards

Karthik

 

[SGM]

Hi Kuldeep

Again a shooting star on the nifty.... Wonder if the last three days patterns can be termed as a tristar pattern... Any comments from Nison's fans...

The Orange signal is still on...

regards

Karthik

Hello

Some time back I read about an alternate way of looking at weekly charts (I do not recall where or what this method/way is called)

What we do is setup the week on rolling basis, instead of fixing the week as Monday to Friday event. Like take it as the week always ends Yesterday.

So as of today last week would be 4 th Oct to 10th Oct.

Open 3570
Close 3571
High 3597.20
Low 3508.05

Anyway, don't know much about patterns or candles, so awaiting comments from knowledgeable members.

Regards
Sanjay