Charts for the Day

[timepass]

Sorry for Interference in this thread, Now my posts are deleted. Thanks to Moderator for accepting my request.

Bro start your own thread, it is awaited by many

Regards:thumb:

I second that request. Please start a thread for your charts, which are appreciated by many.

 

[nitingosavi]

Anil Sir,

whats your view on tatasteel... if u can post chart..

 

[anil_s_trivedi]

Anil Sir,

whats your view on tatasteel... if u can post chart..

Dear nitinji,

Tatasteel on weekly timeframe is in downtrend, looking at pattern wise it seems to be in a potential symmetrical triangle formation. The natural support line of triangle coming around 220-230 zone. Although its a pattern formation price may or may not correct upto there. Remember this is a long term view.

Coming on daily charts, price are in downtrend trading into a channel running from since July 2014, after prices correcting forming a double top. A short term channel got broken recently, alongwith midline of major channel. So stock exhibited a short term sign of strength here.

Looking at daily closing yesterday, stock gained ground closing above 305-307 resistance zone. A positive momentum divergence also formed and stock moving up, overcoming 316 levels will provide impetus to rise till 322-330 levels. A good sign as of now. is momentum seems to be bottoming in short term.

A case of weakness settles once stock closes below 300-303 levels. Till then its a pure divergence play here.

 

[nitingosavi]

Dear nitinji,

Tatasteel on weekly timeframe is in downtrend, looking at pattern wise it seems to be in a potential symmetrical triangle formation. The natural support line of triangle coming around 220-230 zone. Although its a pattern formation price may or may not correct upto there. Remember this is a long term view.

Coming on daily charts, price are in downtrend trading into a channel running from since July 2014, after prices correcting forming a double top. A short term channel got broken recently, alongwith midline of major channel. So stock exhibited a short term sign of strength here.

Looking at daily closing yesterday, stock gained ground closing above 305-307 resistance zone. A positive momentum divergence also formed and stock moving up, overcoming 316 levels will provide impetus to rise till 322-330 levels. A good sign as of now. is momentum seems to be bottoming in short term.

A case of weakness settles once stock closes below 300-303 levels. Till then its a pure divergence play here.

Thanks sir for nice explanation,

just a question... while trying to find channels on charts is it a "must" that channel lines are exactly parallel to each other?

and trendline support/res or horizontal sup/res lines which we should prefer... this is my very big confussion while trying to read price action...

 

[anil_s_trivedi]

Thanks sir for nice explanation,

just a question... while trying to find channels on charts is it a "must" that channel lines are exactly parallel to each other?

and trendline support/res or horizontal sup/res lines which we should prefer... this is my very big confussion while trying to read price action...

Dear nitinji,

'Channel' implies lines running parallel. It may/may not , form in all sotcks. Some stocks have converging S/R lines. its okay. Dont try to fit trendlines and looking into plotting channels everywhere, if its there it will be visible easily, if not, its not there...

Horizontal S/R lines are nothing but testing of previous demand/supply zones. If stocks is trading in fresh zone, you will not be able to plot resistance lines. For this you need to get into plotting resistance lines connecting peaks in rising trend.

Understand, trendlines...for ex. Looking into channel, whenever it falls to lower support line stock get oversold, so a probable support coming there, similarly rise get arrested at upper channel resistance line, and stock gets overbought. The breakout here is nothing but impetus to break the range by overcoming supply.

 

[anil_s_trivedi]

Bharti airtel still looking good on account of relative strength vs Nifty on weekly as well on daily. Although on daily, stock moved back below resistance, either its a breakout failure or a retracement going on.

Stock still above comfort zone of 410, a good point to look into. Support seen at 405. Stock correcting on account of short term negative momentum divergence, let it play out and watch nature of correction, if time wise, it will add strength to current trend, which is up.

 

[anil_s_trivedi]

 

[anil_s_trivedi]

Posting some charts of potential breakouts from Resistance trendlines and currently retesting of the same trendlines going on. Its not a advice to go and trade these stocks, but pattern which i observed. Some have clean breakout, some hovering around.

Stocks are, Sintex, HDFCBANK, KOtakNahindra Bank, axis bank and MTeducare....there are many still, but these are few...observe how breakout is fake or a real one...Just track it for learning purpose.

 

[nitingosavi]

anil sir,
this chart... looks interesting.... but i am unable to come to a conclusion

some light....plz
posting the chart in amit ji's thread also......

 

[anil_s_trivedi]

anil sir,
this chart... looks interesting.... but i am unable to come to a conclusion

some light....plz
posting the chart in amit ji's thread also......