Charts for the Day

[anil_s_trivedi]

in serch of some scrips which can give dead cat bounce or got a support for the time being and expect some upside if market help.

have seen castrolindia , its a double bottom and may creat a right shoulder of a h&s pattern.
rest is for expert here

Dear Kaly,

Its a tricky chart pattern going on in castrolindia. DOnt know its a double bottom or not, it can sliced more lower. I doubt about H&S you r seeing in it.
Kindly post which H&S you are looking into.

 

[kaly422000]

Dear Kaly,

Its a tricky chart pattern going on in castrolindia. DOnt know its a double bottom or not, it can sliced more lower. I doubt about H&S you r seeing in it.
Kindly post which H&S you are looking into.

double bottom is clearly visible from a low of 29/6/2015 and yesterday's low.

and h&s(not inverted) may going to form.
as my quota of upload has end so cant upload

 

[KAL.YUG]

Greetings!

I am pursuing my PhD in the area of “Investors’ Behaviour and strategies in Bull and Bear Phases of Stock Market: and would like your precious opinion on the same.

Kindly spare few minutes to fill the questionnaire: http://goo.gl/forms/tGFUQXhTgc

Your kind cooperation is solicited for eliciting the required information. I assure you that the information furnished here in would be kept strictly confidential and would be used for academic research only.
I would be grateful if you could spare some time from your busy schedule for the same

Thanks & regards,
nh.ar114

Unless you post here, the information that your trying to collect I would consider this to be fishy/fraud.
Why provide link to a login ID?
Careful Guys.

Moderator pplease check.

 

[anil_s_trivedi]

double bottom is clearly visible from a low of 29/6/2015 and yesterday's low.

and h&s(not inverted) may going to form.
as my quota of upload has end so cant upload

Dear Kaly,

Yeah it tested bottom made in 29th June and currently hovering around the same. Form that angle its a double bottom. I prefer to call a double bottom when its shows strength away from that point.

For uploading charts....Refer our one of senior member 'Timepass'jis post. In their signature you will get the process of uploading charts...

 

[kaly422000]

Dear Kaly,

Yeah it tested bottom made in 29th June and currently hovering around the same. Form that angle its a double bottom. I prefer to call a double bottom when its shows strength away from that point.

For uploading charts....Refer our one of senior member 'Timepass'jis post. In their signature you will get the process of uploading charts...

but to take the advantage of possible double bottom ,atleast for intraday long u can take a chance. as the last double buttom candle is not bullish so it may not rally but for intra u can have a chance for long.

 

[anil_s_trivedi]

but to take the advantage of possible double bottom ,atleast for intraday long u can take a chance. as the last double buttom candle is not bullish so it may not rally but for intra u can have a chance for long.

You yourself answered, and have tight SL please...

 

[anil_s_trivedi]

SBI a leader among PSU banks, broken yesterday the year long neckline of possible H&S pattern. Today stock got just breached yestedays lows, and got a close above yesterdays close. So a control gained over short term, to arrest the fall.

Momentum setup are all sitting on weak structure, so a caution warranted here for any rise till neckline, to be on safe side, a sustaining action above 260-65 will be good entry point to enter stock. Till then watch the game here...

Dear Nitinji,

SBI is in uptrend on long term charts, going through intermediate correction. The only concern is the point where it started falling from its can be labelled safely as a double top on weekly and monthly charts, and that is scary.

On weekly the band of 245-252 is a support zone, below that more selling can be seen.

On lower timeframes, the current fall be due to overbought readings and how it reacts near support will tell whats in store.

If i want to go long, i will wait for price to test 270-272 zone to ascertain the nature of rise from here. Else the falling can continue well.

On relative strength vs nifty, stock is weak candidate from weekly as well as on daily.

Just Seen a forward by a Friend, The analysis done by one of good technical analysts i liked to read...its a Lawrence Balanco from CLSA...dated 2/9/2015(yesterday)...Guess what the Same SBI from his angle now breaks H&S. Didnt we identify weakness earlier, with our price action and trendline breaks.

Although our H&S was a little different one and it first breaks fall and then again gone above Trendline but failed to hold near that right shoulder, again a classical weakness sign, if you had read Technical analysis of stocks and trend----By---Edward & Magee


So have faith in your analysis and do a periodic review of your analysis which may have gone good or bad, one learns a lot...

 

[anil_s_trivedi]

Not have a single trade since 25th august since market tested 7667. After that market rallies but nifty dont have given single sign of strength, and it starts correction from 8091 zone again to test lows and breached this time testing 7626. Point is many who dont have plan, tried to seen picking bottoms and caught again weekend selling mania.

I tried to analyse on evening of 25th august, many leaders breached 50 DMA with volume or many are seen trading below 100 EMA on dailies or breaking the same. This is i infer again a downmove pending to test strength of rise.

Motive is, have simple rules with better money management. Small stoploss on trade is better than averaging it down getting married with stock till the divorce itself seems miles away.

You are here in this market to make a mark in life, and not doing gambling with your hard earned money. Stop following others tips, until you convinced with their philosophy of earning from market.

Have few setups, but master them like you know whenever they came, i will get in with Small Stoploss and rest market will show the way. Your premise for taking trade should be simpler, Price, Support/Resistance, Averages, patterns..thats it...dont add 'n' number of indicators...it will only delay your decision making process. whatever plan you have should be simple to follow and execute.

Have a nice weekend...

 

[nitingosavi]

Anil sir,
Can you analyse RelInfra..plz?
I am posting a chart in "learning to catch....." thread, but somehow I am not convinced with the trend lines I have drawn on daily chart. but not getting what is wrong..

 

[anil_s_trivedi]

Anil sir,
Can you analyse RelInfra..plz?
I am posting a chart in "learning to catch....." thread, but somehow I am not convinced with the trend lines I have drawn on daily chart. but not getting what is wrong..

Dear nitinji,

Regular readers know here, i hate Reliance camp, stock charts every time deceive or may its management thats is not worth for...Leaving my sentiments here... Reliance Infra is in downtrend on weekly charts...

I think you had drawn on arithmetic scale...I generally first look at weekly charts on log and then switch on daily...if i dont found anything on weekly, i change arithmetic to daily...in any case for daily i use arithmetic only...weekly charts on log only for S/R levels only.


Now, closely looking at i had observed chart since few weeks back and i am seeing accumulation at that time, but poor me stock made flag out of it and breakdown...Still after testing recent bottom i am seeing some accumulation. One of my critic told me, its a pure institutional game...where they break levels to accumulate and then move the stock up.So holding that point as of now.

Levels wise, i see holding 324 good for short term strength sign. On higher timeframe i want to see crossing 355 / 395 for long term rise. Momentum wise stock getting oversold.

But stock has raised expectation this time, i am seeing constructive patterns going on, recent rise also seems to be a good base formation going on...