Nifty Futures Trading

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Saint

Saint

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#12,052
#12,052
tinchu76 said:
Saint Sir: There was a double top also at 10.20am bar and 12.12 pm bar but the fall was not that great in comparison to upside from double bottom at 10.45 & 11.39. Any reasons??
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Tinchu,

That's not a Double Top......Just because Price halts at a previous level,That does not qualify it as a Dbl Top.

Point 1:If a formation resembling that of a DT happens after a downtrend,it's not a DT.Look out for a DT after an uptrend.

Point 2:No trade till the trough cracks........you can never be sure till the trough crack to really know that it's a DT.So,when price halts at the same level twice or thrice it could be a whole set of patterns,a trough crack after an uptrend,and if not mistaken a set number of bars between the two tops......then only is it called a DT.

Saint
 
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lalpar

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#12,055
#12,055
Saint Sir ,Suni,Czar and Ashish Da,

Find attached the monthly and 90 days chart for IFCI

the 90 day chart shows that it has been making higher high and higher lows...


The monthly chart shows that it is having strong support at aroung 45 leveles...

So from observing the two charts what I conclude is

1)on break of RS 50 the stoc shld test Rs 60 as if we dram the line marking highs on 90 days chart it will land at approx 60 ..
2)On break of 43..We can see a downside up to 36 37 levels..

Let me know if I have made any mistake..
 

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