Nifty Chart - Weekly:On weekly charts Nifty formed a candlestick hanging man near the crucial resistance levels. If we carefully observe the last 3 candles, the body size of the candles is reducing gradually, giving a little hint that it may not move upside as easy as it moved initially, with out a small retracement.
Nifty Chart - Daily:On daily charts Nifty has clearly formed trading range. Resistance of this range is at
4600 to 4700 levels and the support are at
4050 to 3900 levels. Break out or Break down from this range may give the mid term trend. But one must be careful with the terminal upthrust and the springs, with proper application of filters may avoid wrong trades.
Nifty Chart - Hourly:On last Friday Nifty swung in wide range. It opened Gap up of 60 points, tested the resistance level of 4680 and came back to close the gap, but finally it moved up with out closing the gap.
On the higher side Nifty may take minor resistances from the pivot highs of
4670 - 4680 levels which it made on last Friday. Above which
4700 levels may act as good resistances.If a break out happens at 4700 levels with good volumes then the initial target may be
4900 levels.
On the lower side Nifty may take support from
4585 - 4570 levels. Below which it may move up to
4530 levels. Next support may come at
4475 levels.
5 comments:
hi...thanks a lot for ur assistance on giving softwares sites.yes i use brokers trader terminal for charting..
hi doji,...
sure i'll post chart soon ,and yes it will be better...anyways..like i had mentioned yesterday,,nifty now will move to form the head,by moving towards 4740 zone...nifty today did move to 4720.now i believe my head formation will start to commence-from 4740 levels to 4840 levels whch will be a channel for nifty in coming days...head high point would be somewhere around 4870-4880.according to my analysis.
HI Doji, good evening I have post some graph of nifty spot in candlestick and in line chart.I feel like H & S plz focus on it whether its right or wrong breakout shown in the graph.:-
http://www.dropshots.com/daredevils619#date/2009-08-03/09:46:22
Hi, Doji
Thank you for your comment
Hi Viju,
Right shoulder is too small to consider it as an inverted head and shoulders. There should be some retracement for it to form like a shoulder.
-Doji
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