Some Good Steals...
- Thread starter AMITBE
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Hi brewin_vaz...that's a pretty good look you've had. Yes, there is a classy ascending triangle formation from 180 to 220.
About the rising wedge it's not easy to say. The wedge formation, rising or falling, appears very similar to the triangle formation, whether ascending or descending.
In ascending triangles, the line drawn at the top is horizontal, and the line joining it climbs at an angle. Conversely, with descending triangles, the horizontal line is at the bottom with the slanting line slopes down along the peaks of the traiangles to meet it.
With rising wedges, the two lines both slope upwards. The angle of the bottom line is normally steeper compared to the angle of the line at the top. Logically then, the two would convelge at some point.
In the case of the upper line, or the resistance line, a series of highs are formed where the price drops from. Below, the support line is formed on a series of higher lows.
Here the volume is most critical to assess any trend reversal. As the price rises to declining volumes, over a period of time, the higher lows at the bottom line begin to get lower, indicating the first signs of weakness, even as the upper resistance line drops off. The two lines are on a convelging path now.
The trend reversal comes with the clear breaking of the support line.
It's early to say if Bajaj Hindustan is forming a rising wedge. It may well be just a continuation of the trend. Only at a break past 225 with increased volume will the rally come. To the down, a break at 182 may turn it bearish.
BSE has a good charting facility which I use.
Great going, brewin_vaz. Keep it up!
About the rising wedge it's not easy to say. The wedge formation, rising or falling, appears very similar to the triangle formation, whether ascending or descending.
In ascending triangles, the line drawn at the top is horizontal, and the line joining it climbs at an angle. Conversely, with descending triangles, the horizontal line is at the bottom with the slanting line slopes down along the peaks of the traiangles to meet it.
With rising wedges, the two lines both slope upwards. The angle of the bottom line is normally steeper compared to the angle of the line at the top. Logically then, the two would convelge at some point.
In the case of the upper line, or the resistance line, a series of highs are formed where the price drops from. Below, the support line is formed on a series of higher lows.
Here the volume is most critical to assess any trend reversal. As the price rises to declining volumes, over a period of time, the higher lows at the bottom line begin to get lower, indicating the first signs of weakness, even as the upper resistance line drops off. The two lines are on a convelging path now.
The trend reversal comes with the clear breaking of the support line.
It's early to say if Bajaj Hindustan is forming a rising wedge. It may well be just a continuation of the trend. Only at a break past 225 with increased volume will the rally come. To the down, a break at 182 may turn it bearish.
BSE has a good charting facility which I use.
Great going, brewin_vaz. Keep it up!
Great going,brewin_vaz.....and great stuff from Amit as always.Rising wedge or ascending triangle,a breakdown below 204 is either an ascending triangle failure or a successful rising wedge at the end of an uptrend.....and either way,a time to sell.Break below 195 is confirmation as previous monthly low is taken out.Break below 182,and expect a more severe correction.
Always great to see such discussions.Also gets the best out of Amit......Great stuff !
Saint
Always great to see such discussions.Also gets the best out of Amit......Great stuff !
Saint
ssnkumar said:
Thanks for remembering me Amitbe 
As you suggested, I am still watching Pricol. I haven't yet bought it!
Today it has already crossed 182. So, would you suggest to buy Ibulls at current price?
And I have a query regarding a penny stock:
I had bought Kanika Infotech sometime back. (I bought it at Rs.1.27 and it is at 1.01 today)
But, it is not coming back to the level I had bought!
Somebody told me that, it will soon cross Rs.2!!.
So, what is your view on that? (I can wait for 1-2 months, if it can come to that level)
It has been removed from ICICIDirect for sometime now!
So, I am little bit worried.
Please suggest.
Regards,
Narendra
As you suggested, I am still watching Pricol. I haven't yet bought it!
Today it has already crossed 182. So, would you suggest to buy Ibulls at current price?
And I have a query regarding a penny stock:
I had bought Kanika Infotech sometime back. (I bought it at Rs.1.27 and it is at 1.01 today)
But, it is not coming back to the level I had bought!
Somebody told me that, it will soon cross Rs.2!!.
So, what is your view on that? (I can wait for 1-2 months, if it can come to that level)
It has been removed from ICICIDirect for sometime now!
So, I am little bit worried.
Please suggest.
Regards,
Narendra
sell it thro another broker if delisted by icici direct
bambino
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