Random thoughts on technical analysis

[columbus]

except rsi which, brole the trend line,and one bar of histrogram ( which is neglagible,might nifty hold for a day in small zone).all out look is bearish.I will be long on 4455 ( that means my call write of atrike 4500 against nifty long,would cover and stay with nifty naked long).and if market tomorrow remains in range 4438/4300, on the brake of this range i will decide further.

Alex,

good charts.At present RSI(14) is at 40.

 

[orderflow13]

NIFTLY WEEKLY

 

[orderflow13]

On lookin at weekly chart,i cant help but thought about 1-2-3 formation,its simple version of elliot wave pattern,when we cut th noise in Elliot wave we get a 1-2-3- pattern, and pattern holds until it reverse,and break ,the top point previously made,as in above chart, line 1 top is aprx. 5200( that hold and line went in to line 2), line 2 top is 4635, and now seems like making line 3,time will decide, pattern will hold until;l it breaks 4635(+-15).and in ta after 200ema, 50 ema is very important,so 4635 level seems decider level.now leading indicators,every other indicator is showing bullish to neutral signs,if adx hold and turnin upwards & + di crosses - di then only before hand we can say 123 pattern not going to last, and market will break 4635.till then i will watch rsi trend line,the day it broke i will short with target 4220 . obviously its my opinion, i am eager to see what you guys thinking and what your chart tools saying?

 

[orderflow13]

Alex,

good charts.At present RSI(14) is at 40.

thanks columbus for pointing out, i had habit to see rsi 7,after u pointing i saw rsi 14, n ur so right its below 50, and its making bit bearish divergence too, i will make probability of bearishness to 74%..thanks

 

[orderflow13]

hello highly impressed from your fast posts..... u r doing very nice work... keep it up sirjee...
let me come to the point... is there any trend reversal in maruti rt now??? shall i in???? as it is on high for 5 day... rsi also strong... acc to your posts should i consider it as strong base?????
though adx is not... what about pair trading for this sector as per rt now?????
thanx a lot..........

thanx ruchir...actually i didnt see chart yet, i will post by night on it..but beforehand i must add, if i were u, i wil not trade long side on any stocks, i mean positional trade not intra day, as underlying market is still in down trends,might consider pair shorting, also observe nifty junior and nifty charts and try to post here, i wil appreciate it, i use to trade on that pair on intra day basis,but now in bearish market, i think nifty junior must down perform nifty ..junior is of 25 lot n nifty of 50, cuz of priz have a look n post thanks

 

[orderflow13]

hello highly impressed from your fast posts..... u r doing very nice work... keep it up sirjee...
let me come to the point... is there any trend reversal in maruti rt now??? shall i in???? as it is on high for 5 day... rsi also strong... acc to your posts should i consider it as strong base?????
though adx is not... what about pair trading for this sector as per rt now?????
thanx a lot..........

you are right its bullish,but market is not feverable,given all things main market is important, if i were you i would have wait for nifty 4220 level.

 

[orderflow13]

AUROBINDO PHARMA1/9/8

 

[orderflow13]

AUROBINDO PHARMA,WEEKLY 1.9.8

 

[orderflow13]

My friend emaild me both aurobindo charts, what do you think?

 

[Czar]

looks bullish, but only hitch is 20 ema below 50 & testing from below, but its possibly gone sideways from the flat emas... , rest things are picture perfect... & 20 50 previous crossover & test failed, so I am inclined to stamp it sideways or downwards bias if no crossover next week