Today's Recap (June 10th):
Nifty opened with gap, moved up immediately with out closing the gap, and then bounced back from the resistance line of the expanding triangle. It took good support at 4640 levels and made double top at 4700 levels.Over all today's move looks like a rounding top which is not good for bulls. At the same time, the evening star formed between 6th to 8th on daily charts is negated today, which may give positive clues for the upmove! Not a clear decessive day
What is there for tomorrow (June 11th):
On the lower side, today's support of 4640 is going to be very crucial for tomorrow. If 4640 levels are taken down tomorrow, we may see Nifty slipping down to 4580 levels which is today's (June 10th) gap support. If 4580 levels are taken out, we may see further down move until gap being closed.
On the higher side if nifty breaks the double top levels of 4700 convincingly, it can move up to reach the expanding triangle's resistance line. If Nifty manages to break the Expanding Triangle's resistance line conviencingly and closes above that tomorrow, this will be good sign for Bulls. Based on the volumes of the breakout, next target for the price may be the height of the last leg of the expanding triangle.
Below is the 15 min chart of nifty futures:
Below is the 5 min chart of nifty showing double top:
9 comments:
Hi Doji,Fantastic explanation. Learning every bit from your blog. Thank you.
Its nice to receive appreciation from a technical expert like you Satyam, thank you :)
Awesome Analysis...thanks
Doji, I am a big time learner of your presentations on patterns. And me not a expert by any means, just learning the hard way from the market. Please keep it up the gr8 show.
But it seems I am really an expert for choosing blog to follow.. learning and enjoying your ABAN views .. Cheers!!
Hi Doji...Smart analysis. Keep it up. I just started tracking Nifty on your blog.
Doji, why dont U also track the S&P 500 index too on your Blog. Atleast the daily charts.
@Satyam
Thanks Satyam, you are always encouraging. Also, careful with the sudden moves in aban, stoploss is very important :)
@JK
Thank you JK. Though I look at DOW, I'm not sure how useful DOW/S&P 500 will be to Indian viewers. Will try to put why I find any thing interesting.
-Doji
Thank you doji, yday nifty chart just took my head off. one intra chart made me wake upto 5 o'clock ..But eventually It's working good. :)
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