Update: Patterns Posted On 19th June 2009

Update on ABCD Patterns Posted On 19th June 2009. Chambal Fert, Punj Lloyd, and Tata Steel made to the targets 3 days back and Aban missed by a small margin :)

Thanks to Deepak for prompting about these, below are the updated charts.

Bullish ABCDs: Some Scrips to Watch out Today (19th June)

Below are the some AB=CD Patterns, watch out for the reversal signals to enter

Gartley Patterns in Aban Offshore

From yesterday’s opening bell Aban Offshore made a Bearish Gartley embedded ABCD pattern. Time taken for AB is equal to CD and the price movement is also good CD is 121.6% of AB

AB = Rs.125
CD = Rs.152
AB = 29 Bars
CD = 28 Bars

BC is 61.8% of AB
CD is 190% of BC. Which is tolerant error but little bit stretched.
AD is 75% of XA which is tolerant error.

Below is the 5 min chart of Aban showing bearish Gartley:

There is also a possibility of forming Bullish Gartley (not perfect though), reversal for this is not yet confirmed. CD leg is not yet fully formed. AB = 284 and CD = 239 and the febo ratios are in the tolerance levels. Watch out for the Aban tomorrow for this possible bullish gartley. Below is the 5 min chart of Bullish Gartley in Aban:

Aban Offshore: Technical Analysis (9th June 2009)

Aban Offshore took resistance at Rs.1300 levels, which is the price during its IPO and has good consolidation. The same can give good support at Rs.980 and Rs.800 levels. I think distribution of the aban is finished and it got good accumulation at the lower levels as more and more investors are showing interest in this stock. It moved up very fast due to more demand and now it is in overbought state, ADX(5) on weekly is almost 70. That could be one of the reasons the price came down very fast as investors started booking profits.

So, what next? I think we may see re-accumulation in between present levels to 980 or even up to 800 levels. Wait and watch time.

Below is the weekly chart of aban in logerthmic scale.

Due to swift moves in this stock, price didn’t make significant retracements. To take support or resistances I am using trend lines on hourly charts plus fibo, below is the chart for the same. Some what complicated, but following the lines on only right most part of the chart smplifies to understand better.

Update: ABAN Pole and Flag

Continuation to previous post ABAN Pole and Flag reached the target today. Closed my longs, total 54% profit !!

Update: ABAN Pole and Flag

Continuation to previous post ABAN Pole and Flag

SL moved to pivot low, 1136 - filter. Todays high of 1245 is near target of 1300 :)

Update at 5th May 2009, 4:30pm:
Todays high is 1277.65, very close to the target of 1300. Profit on the call upto the peak today is 50.7% 

Update: Pole and Flag in Aban Offshore

Update on Pole and Flag in Aban Offshore, reached first target of Rs.1000 today at 11:00 AM. Second target is at Rs.1300, Stop loss moved to 947 or 920 (-filter) depending up on the risk appetite.

Update: Pole and Flag in Aban Offshore

Update on Pole and Flag in Aban Offshore. Moving the stop loss below one of the gap supports depending on the risk appetite, to cover the profits.

PS: Right now this is at 13% profit from the entry :)

Below is the 5 min chart:

Pole and Flag in Aban Offshore (25th May)

After the spiking up moves with big volumes in Aban Offshore, from past 3 days price was consolidating with low volumes and formed a falling wedge. Today price gave break out of the wedge with decent volumes, though little more is desired. First target based on wedge is Rs.1000, further it can move up to Rs.1300 levels based on flag and pole target.