Nifty Futures hourly chart:
On the lower side Nifty may take support from Trend line in yellow 4300 levels below which the gap which formed on Friday - 17th July may give support.
Monday, July 20, 2009
Nifty Technical Analysis For 20th Jul 09
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Nifty Weekly Chart:
In the above chart a Piercing line candlestick pattern is marked in price chart. Generally this pattern is considered bullish. Confirmations of this pattern are taken from the length of the candles, Volumes and Gap. Here the length of both bearish bar red candle and bullish green candle are almost same and they are tall which is supporting the pattern. Volumes in the Green bar is lower then the Red bar which is not good, and the the gap down open of the green bar is small one when compared with the height of the bars. On the over all this bullish pattern is not confirming the up move. but based on past bullish movements we had since last few sessions, we may see some retracement from here.
Above is the Nifty futures hourly chart. On the higher side Nifty may take resistance from 4450 - 4480 levels
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2 comments:
Has nifty formed a AD=CD pattern in Daily Chart?
There was a likely abcd formed from the peak of 12th June, where the CD retracement was not good, about 178%. I wrote about this at http://www.chartreader.co.in/2009/07/nifty-technical-analysis-for-14th-jul.html
This was not a perfect tradable setup as the risk was high. Also, it never gave an entry signal as it only moved up with out any retracement till now. But it made it up to the second target today, which may be unlikely by the influency of the pattern alone.
Doji
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