Expanding Triangle in DOW - 25 Aug 09

DOW Jones Chart - Daily:

Dow Jones formed Expanding triangle in price pattern, yesterday it touched the the resistance line and formed a candlestick doji, shooting star on top. We may see some pull back in DOW. If it gives the breakout from the resistance line it may move much higher to reach the target of the Expanding triangle.

Update on Right Angled Broadening Triangle in Nifty - 12th Aug 09

Target for the Right Angled Broadening Triangle in Nifty at 4415 reached at the opening.

Nifty Intraday Technical Analysis for 11th Aug 09

Nifty Intraday Chart - 5 mins:

Nifty opened gap up and started moving up with out closing the gap with good volumes. At the first resistance of 4470 levels, it started consolidating in sideways for an hour. Nifty gave good break out from the narrow range, but it didn't get enough thrust to zoom up instead it started moving in another narrow range. After consolidating for an hour it gave a week, low volumed break out, which gave a little hint for the negative bias. Later on Nifty formed a Narrow ranged Channel and gave good breakdown, which gave added some more weight for bearishness.

Later Nifty formed a Right Angled Broadening Triangle (not perfect), with a big space in between the last two waves. But with the bearish signals which it has generated earlier pushed to go short at the breakdown. Target for this pattern is missed with 8 points. As I have mentioned in the post, trade must be taken with trailing stop loss, which avoided the pinch from the up move with less effort.

Nifty Technical Analysis For 5th Aug 09

Nifty Intraday Chart - 5 mins:

Nifty retraced exactly from 78% from the high of 3rd Aug to yesterdays low 4638 also it the support line of the channel gave resistance it drifted down to 127% forming a Bullish Gartley pattern(Formed with perfect Fibonacci ratios. Symmetry is not good, but it followed harmonic pattern in time intervals). Also the support line of the Expanding triangle gave support for it to move the prices up. First target for this pattern is reached yesterday itself.

Nifty Chart - Hourly:

On the hourly charts Nifty formed Hammers in the lower levels, today they may give good support.

On the higher side Nifty has to break the highs of 4726 to move some bullishness, above 4726 it may reach up to 4760 levels.

On the lower side Nifty formed a good support range near yesterdays low of 4622 - 4610 is important. If it is broken gap may give minor support which is at 4586, belwo which nifty may go down to 4537 levels.

Nifty Technical Analysis For 5th Aug 09

Nifty Chart - Daily:

Yesturday was another sideways day, Nifty Swung in a narrow range breaking highs and lows forming an expanding triangle in intrday basis. On daily charts it formed an inside bar (Harami). Yesterday's high and low levels are important for deciding the trend today.

Nifty Intraday Chart - 5 mins:

Nifty Formed an Expanding Triangle in price pattern, volumes are not expanding though. It initially took support from the Ascending Triangle resistance line and moved up to touch the Expanding Triangle resistance line. But while coming down it formed 2 channels one is upward and one is downward moving channel as plotted in the above chart. It broke the Channels with moderate volumes but finally reached the support line of the Expanding Triangle.

Nifty Chart - Hourly:

On 3rd Aug Nifty broke above the trading range but with very low volumes, also it formed an Ascending triangle in intraday basis target for which is 4760 levels.

On the higher side, if yesterdays high of 4715 is broken then it may go up to the 4760 levels. The Expanding triangle resistance may give initial resistance which may fall in the same 4760 levels at present. If the resistance line of the expanding triangle is broken the Nifty may move up for the target of the height of the triangle.

On the lower side If Nifty breaks yesterdays low of 4637, then it may go down to 4615 - 4610 levels. Below which bulls may weaken for some time leading Nifty to move down to 4530 levels.

Nifty Technical Analysis For 24th Jul 09

Nifty Chart - 5 min:

Nifty is formed an Expanding Triangle from 20th July onwards, but volumes are no clearly expanding. Nifty may take resistance from the resistance line of the Expanding triangle which is at 4641 levels. This level keep changing with the time as the slope of the trend line is more. If Nifty breaks the Resistance line of this Expanding triangle then it may act like a continuation pattern. Which may lead market to move up further new highs.

On contrary, if Nifty moves down with low volumes today with out breaking yesterday's high and form a triangle here. Then the chances of forming a Diamond pattern are more here. But its unlikely to happen due to strong global cues.

Nifty Chart - Hourly:

As Nifty moved above 4520 levels this may give support to bulls for moving market to new highs in this rally.

On the higher side Nifty got a resistance zone near 4570-4580 levels. As 22nd July's high is at 4570 level the trend line resistance is also falling in the same resistance levels making it a little bit important. If it breaks this resistance zone then Nifty may reach the Expanding triangle resistance line which is at 4641 levels at present.

On the lower side Nifty formed good support levels at 4460 - 4440 levels, Also the gap formed yesterday is a good support for bulls. For today 4460 levels may give good support for Nifty, if it breaks that it may reach up to 4440 levels. Below 4420 levels Nifty may become weak and may reach the support line of the Expanding triangle easily.

Nifty Technical Analysis For 23nd Jul 09

Nifty Chart - Daily:

Nifty chart made an outside red bar in daily time frame with big volumes, indicating the bearishness in immediate term. As last Monday's low of 4440 was broken decisively bulls may weaken temporarily.

Nifty Chart - 5 mins:

From 20th July onwards Nifty is forming an Expanding Triangle, but volumes are not clearly Expanding. For tomorrow Nifty may take support from the support of the Expanding Triangle which is at 4370 levels, and this value changes with time as slope is high. One may expect partial pullback form the Expanding Triangle support line.

Nifty Chart - Hourly:

Nifty formed a shooting star in the hourly chart and started falling down with big volumes and the fall was very steep. Retracement with low volumes is good but today, the fall was with high volumes indicating the index weakness.

On the higher side 4450-4470 levels may give initial resistance, above which 4520 may become next major resistance. If Nifty crosses 4520 levels, it may gain momentum and start moving up.

On the lower side 4370-4360 may give good support for today. Below which bulls may become weak. Next support comes at 4310 levels (marked with yellow line) and the trend line from joined from the highs of 12th June and 6th July may act as next support. As both the support line are falling in the same zone which may give good support in future.

Nifty Technical Analysis For 15th Jul 09

Above is the Daily chart of Nifty Futures. Today nifty moved up showing bullishness in price pattern, but volumes are not surging in this good up move. So going for keeping strict stoploss for swing longs.

Above is the Hourly chart of Nifty Futures. Today it stopped exactly at the second Resistance level.

On the higher side Nifty may take minor resistance at 4140 levels as it is the Gap opening level, after that it may go up to 4200/20 levels. Above which it can go up to 4280 levels.

On the lower side yesterday's gap levels of 4025-3990 may give good support for today.

My Nifty Intraday trades on 14th Jul 09

I'm just posting my today's tradding sequence as I wrote it for some event. It may interest some.

Above is the 5 min chart if Nifty futures. Nifty opened a gap up and moved up with out closing the Gap. It formed an Expending Triangle broke the resistance line and reached the target(4127) in intraday itself. It was a good day Long trade after 5 min was excellent entry, as expected bulls came in today moving the market up. Booked intrday trades at end of the day. As the Target for the Big Expanding Triangle(3900 levels) is reached, I booked medium term trades Yesterday, around 320 Points profit. Today entered long for short term keeping the gap as stop loss.

Above is the 1 min chart of Spot Nifty marked with bullish wolfe wave formed in intraday. Target was the aqua line which is reached immediately.

Nifty Technical Analysis For July 7th

Yesterday, Nifty broke all the immediate supports by week market sentiments, thanks to budget 2009! Nifty Closed the Gap of 26th May and took support from there, 4125 was the gap "open" and yesterday's low was 4121.

On the lower side it may take support form yesterdays's low (4121), next support comes at 4055 levels. I am expecting a little pullback today. On slightely longer horizon (few days), there is a possibility of Nifty going down to 3900 levels, which is the target of Expanding Triangle posted on June 22nd.

On higher side Nifty may pullback a little bit today, 4230 is the first resistance above which it can reach up to 4260/80 levels.

Below is the hourly chart of Nifty Futures:

Right-Angled Broadaning Triangle in NF 5min (3rd July)

As the uncertainty rules the market, Nifty formed Right-Angled Broadaning Triangle with very low volumes, shown in below chart.

Short trades can be taken on the support line break down, however, risk is high as volumes are very low.

Nifty Technical Analysis For July 3rd

Today’s Recap (July 2nd):
Nifty swung in the wide range breaking highs and lows for the whole day with big volumes, due to uncertain sentiments, forming an Expanding Triangle pattern. Below is the 5 min chart of Nifty Futures:

Cues For Today (July 3rd):
On the higher side 4367 level which is 38.2% retracement of the whole down move from 12th June is still giving good resistance. Above that it can go up to 4440 levels which may not be possible for tomorrow, going by global cues.
On the lower side 4265/4245 levels are the support zones for tomorrow. If nifty breaks this zone with good volumes then it may go down to 4160 levels. Below is the hourly chart of Nifty Futures:

Nifty Technical Analysis For July 2nd

Yesterday's Recap (July 1st):
After opening Nifty moved in a narrow range, then gave a breakdown. Fall was with good volumes and it closed the gap by forming a bullish wolfe wave in 1 min, which gave very good opportunity to reverse to longs at lowest point. Nifty moved up with big volumes and the move was very fast, but around 4360/50 levels supply increased due to which it started moving down but at lower levels buying is seen. Nifty formed a trading range due to indecision. Below is the 1 min chart of Nifty Futures showing bearish Wolfe wave:

Cues For Today (July 2nd):
On the higher side Nifty has resistance at 4350/4360 levels, above which it can reach up to 4440 and then 4500 levels. In price pattern nifty formed a Right angled broadening triangle, volumes are expanding slightly (which is good).

On the lower side 4250 level may act as good support, below which Nifty may show good bearishness. Below is the 20 min chart of Nifty Futures:

Nifty Technical Analysis For June 26th

Yesterday’s Recap (June 25th):
Nifty Opened gap up, but it opened just below the resistance line of the up sloping Channel. Nifty Formed a good ABCD pattern from 23rd June to today’s opening, which I posted live, and gave a good reversal entry when pivot is broken. Later Nifty started drifting down towards the Channel support. Price took support from the Ascending Triangle and bounced back but it wasn’t successful. A Bearish Wolfe wave formed in 1 min charts of Nifty putting an end for the bulls. This time bears dominated the weak bulls and broke the Ascending Triangle with good volumes, and zoomed down to reach the first target of ABCD pattern. Below is the 1 min chart of Nifty Futures marked with Bearish Wolfe Wave:

Below is the 5 min chart of Nifty Futures:

Cues For Today (June 26th):
On the higher side Nifty may face resistance at today’s high (4360) above which it may reach up to 4390/4400 levels. As Nifty retraced exactly to 61.8 % of the total up move from 23rd June it may get some support, totally depends on tomorrows opening.

On the lower side if Nifty breaks 4200 then it may go up to 4160 levels. Below which Nifty may show bearishness.

Below is the 20 min chart of Nifty Futures:

Nifty Technical Analysis For June 25th

Yesterday’s Recap (June 24th):
Nifty opened near June 23rd high, which is inside the up sloping Channel. After opening it showed weakness and started drifting down and threatened to breakdown from the Channel. It gave false breakdown with low volumes, but the breakdown was very small can be considered as minor error. Then price took support form the support line of the Channel and moved just above support line to sustain. At mid of the day it zoomed up and broke the Ascending Triangle resistance line with volumes but it stayed inside the Channel till the end. Below is the 5 min chart of Nifty Futures:

Cues For Today (June 25th):
As I already mentioned longs could be hold with Ascending triangle's support line as stop loss, and Nifty broke the resistance trend line yesterday convincingly and successfully retested it.

On the higher side, Channel resistance is now at 4330/4340 levels (moves up by time). Bearking that may take Nifty to 4390/4400 levels. If 4400 levels are broken convincingly then it may reach the resistance line of the Expanding Triangle!!

On the lower side now Nifty formed good number of support zones

1. Upper line of Ascending triangle at 4278
2. Support Line of Channel
3. Gap Support at 4160, may not break today.
4. Support Line of Expanding Triangle, which is too far, may not reach today.

For today channel support and Ascending Triangle Resistance line fall nearby which may become good support zone for Nifty. If it is broken down the Nifty may show weakness. On the overall Nifty may show some strength today ,if it breaks above the channel resistance line. Below is the 20 min chart of Nifty Futures:

Nifty Technical Analysis For June 24th

Yesterday’s Recap (June 23rd):
Nifty opened negative with the gap of 65 points, it opened exactly at the support line of the Expanding Triangle. It started moving up for closing the gap. It formed a good ABCD pattern and it reached the first target. After reaching the target of this Pattern again nifty bounced back to new highs. Below is the 5 min chart of Nifty Futures

Cues For Today (June 24th):
Sustaining above 4200/4210 levels shows strenght in Nifty, longs could be held with tight stop loss. On the higher side 4390/4400 levels may give strong resistance. Nifty ended at the resistance trend line joining from 4700 towards 4520. If tomorrow this resistance line is taken out the Nifty may show some more strength.

On the lower side Gap is not yet closed completely, so today’s low may act as crucial support, below which price may reach up to support line of Expanding Triangle. Below is the 15 min chart of Nifty Futures:

On the chart we can see a wedge formation from 12th June high’s to the today’s lows as shown in the below picture. This Falling wedge has got big empty space in between the first two waves and may not be perfect for trading. Instead it is safer to consider the resistance of this wedge as a simple trend line which may play major role for tomorrow's trade. Below is the 15 min chart of Nifty futures showing wedge and Expanding Triangle:

Update: Expanding Triangle in Nifty (Futures)

Nifty opened exactly at the support of the smaller Expanding Triangle, which i have posted today morning. Below is the 15 min chart of Nifty Futures, watch out for this support line.

Nifty Technical Analysis For June 23rd

Yesterday’s Recap (June 22nd):
Nifty made Flag and pole pattern and both the first and second targets for this pattern are reached in intraday itself. At the end of the day Nifty formed Broadening Right-Angled Triangle. Below is the intraday chart of Nifty Futures:

Cues For Today (June 23rd):
From past 3 days Nifty formed another smaller Expanding Triangle, volumes are also very high, supporting the pattern. On the higher side, now this expanding triangle resistance acts like resistance. For tomorrow this line falls approximately at 4390 levels, which is exactly the resistance from the bigger expanding triangle.

On the lower side 4182/4200 levels may give support, below which, support line of the expanding triangle could act as day's support. If price breaks this support line with volumes then the target will be the height of the triangle. (Will post the target, when the Break down or Break out happens). This small Expanding triangle formed exactly at the support line of the bigger triangle. It is difficult to gauge whether this expanding triangle acts as continuation pattern or reversal at this point of time. But in general Expanding triangles represent uncertinity and bearishness. Below is the 15 min chart of Nifty Futures:

Nifty Technical Analysis For June 22nd

Friday’s Recap (June 19th):
Nifty was moving sideways till noon and formed a good Gartley, price fell down very rapidly. Didn’t get an early entry opportunity due to this rapid move. Price retraced exactly to 200%, also reached the target for the Inverted Cup and Handle. In last 1 hr it jumped up with volumes indicting some pullback in future. Below is the 5 min chart of nifty showing Gartley:

Cues For Today (June 22nd):
Though Nifty broke the support of the Expanding triangle convincingly with good volumes, market is sustaining at this levels. One reason could be that because there hasnt been a good pullback and all the indicators are in the oversold zone. But, on the macro view Nifty is still looking weak.

On the lower side Gap at 4182 may give good support. As I mentioned in last post, if Nifty drifts down below 4182 levels it may show further weakness and reach up to 4100 levels next it may reach the target of the Expanding Triangle(3900).

On the higher side nifty has resistance at 4390/4400 levels above that nifty may show strength. At the end of the day Nifty moved up with big volumes. Indicating partial pullback but the nifty may remain weak until it closed above 4400 levels.

Below is the 15 min chart of Nifty Futures:

Nifty (Futures) Technical Analysis For June 19th

Yesterday’s Recap (June 18th):
Nifty broke down the support of the expanding triangle with volumes yesterday and closed below that. Now the target for this pattern is 3900 levels. While coming down it also made inverted Cup and Handle, price almost reached the target (4200). But it took support from 4230 levels twice yesterday. Below is the Inverted cup and handle target shown in the 15 min charts:

Cues For Today (June 19th):
Though yesterday Nifty broke the support of the expanding triangle convincingly with good volumes, A point to note is that the market is in oversold zone, so a partial pullback may be expected, which may give an opportunity to exit any longs or take fresh shorts.

On the higher side 4390/4400 range will act as a resistance. Above that market may get some bullish strength. On the lower side there is a gap at 4185 level which may give support, as market is in oversold zone price may not break the gap support today. If the 4185 levels are broken then Nifty may go down to 4100 levels. Below is the 15 min chart of Nifty Futures.