My charts (and yours too........)

[kaly422000]

http://img72.imageshack.us/i/niftygann.png/
here is an attempt to analyse nifty month chart on gann method.
i dont know much about it( just started). pls coment

 

[sharathnj]

Tatasteel charts

Is Tata steel developing a "Descending Triangle" pattern?

Please advice guys!
- Sharath

 

[biggles]

"So, Nifty is definitely struggling at the crossroads of Line2 and Line3 at around 6030 zone.

What has it got now, an excuse to reverse from here or some strength to blow away this Resistance level? "


thanks as always babu,

its looking rather ominous. And add to that the evening doji star, signalling bearish reversal(> credibilty), whatever that is.

Hope some tsunami buying comes in on monday and changes the complexion of the whole bloody thing. I'm fully invested and in red.

reg

 

[kaly422000]

Re: Tatasteel charts

Is Tata steel developing a "Descending Triangle" pattern?

Please advice guys!
- Sharath

yes but descending triangle pattern not so convincing but if breakout with volume then can consider it is also tried to form cup and handle doesn't succed . babu can analyse further

 

[kaly422000]

http://img821.imageshack.us/i/niftyfibo.png/ here is fibonichi level of nifty december future
nifty on pullback get resistrance at 50% fobo level

 

[babukraman]

Re: Tatasteel charts

Is Tata steel developing a "Descending Triangle" pattern?

Please advice guys!
- Sharath

TATA STEEL
2010-12-03

Daily chart

585 levels had previously been Resistance for four times at least (Oct 09, Dec 09, early Feb 10 and late Feb 10). It had broken out thrice and down twice. Now the price has taken Support this level twice, during early as well as late Nov 10.
There are two scenarios here.
1. Descending triangle: The top of the pattern is at the 680 levels and its very close to the 52 week High of 705 levels. And usually, this is a bearish pattern. So, a bearish pattern at the Resistance zone.
2. Positive divergences: Now lets move closer to the price action for the month of Nov 10. On the 1st Nov and 30th Nov, the price has made double bottom taking the Support of 585 levels. The MACD histogram, RSI and STOC have formed positive divergences for these corresponding lows. (RSIs is very marginal though)

Now comes the question. Do you want to play the pattern or the divergences?

Cheers!
Babu Kothandaraman

 

[sharathnj]

Thanks Babu. I guess its wait and watch then!

 

[rsingh2005]

Re: Tatasteel charts

Now comes the question. Do you want to play the pattern or the divergences?

Cheers!
Babu Kothandaraman[/QUOTE]
Babu,
In this kind of situation, if other thing remain constant then as per your experience one should follow the divergence. as more than two indicator in sync. Or simply wait & watch to have more clarity.
Rgds
Rajesh

 

[kaly422000]

http://img25.imageshack.us/i/insect2.png/ this insecticide weakly chart look promising pls coment

 

[sharathnj]

ISMT daily - Dark cloud cover formation

Hi all,
Please check this dark cloud cover on the daily of ISMT. Can we expect downward trend now?

Please shr ur thoughts

thanks - Sharath