Falling wedges in Hindalco and RNRL

Falling wedges in Hindalco and RNRL. I am not going fot the targets as of now in these, two but can be used for intraday. Watch out for good volumes at the break out.
Below are the 5 min charts:

RNRL:

Hindalco:

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:

Nifty (Futures) Technical Analysis For June 15th

Today's Recap (June 15th):
Nifty opened with 45 points gap down and started pulling back with good volumes. After covering the gap completely, it came down with draining volume. From 11th June till date, Nifty formed a falling Wedge price pattern, volumes were not draining in the in this Wedge formation, which is desired but not compulsory.

Below is today's chart showing the Falling Wedge:

Cues For Tomorrow (June 16th):
On the higher side, Nifty got 2 resistances for tomorrow.

• The resistance line of the wedge formed in the price pattern
• Support trend line fromed by joining the lows of 26th May and 9th June (shown in Yellow)

Unless Nifty breaks these two resistances conciencingly with good volumes, we may not see it moving upside.

On the lower side, Nifty got support at 4460/4450 levels, if it is broken then we may see Nifty skidding to lower levels as we have more chances of reaching the support line of the expanding triangle. Also a point to note is that in this Expanding Triangle, volumes in the last up-wave are clearly lower compared to the volumes in the last down-wave. This is signaling that lower side may be is on cards.

Below is the 15min chart of Nifty futures showing expanding triangle.

NF Patterns Review since last bottom on 3rd March 2009

I was reviewing the important patterns formed during last few weeks, what I traded, what I missed, false breakouts, etc. Here is the chart with the pattens on nifty futures on hourly time frame.

Double Bottom is formed on hourly charts of nifty from 6 th March low and on 9 th March 2009 low are the two bottoms. Price gave Break out on 12 th March and the target reached on 13 th March.

Diamond Patten is formed from 17 th March to 20 th March, Volumes are not convincingly increasing while triange is expanding in diamond. But while contracting volumes are draining and gave break out on 20 th March with big volumes. Target is reached on 24 th March 2009

Symmetric Triange is formed from 23rd to 25th March can see volumes draing in this consolidation patten and gave break out on 25th with big volumes. Target reached on 27 th March

Falling wedge is formed from 26th March to 1st April, breakout happend on the same day target is reached on the next day with big gap up opening.

Gap gave support on 8th April and moved up side

Triangle is formed from 9th to 15th April gave false break out on 13 th april with big volumes and took support from support line of triangle. Today it gave a break out again with good volumes target is yet to be reached.