Update: Flag and pole in Rcom - 3rd Sep 09

Follow this previous post on Rcom. I have booked 75% at 290.25 and remaining 25% at 293 as mentioned, with an average profit of 4.65%

Rcom Chart - Hourly:

I think, I may be quick to book out profits early! On the retrospect view, zoom out to hourly charts, there is a nice Inverted Head and Shoulders pattern with a target of 297, which I missed to spot on time. Its shown in the above chart.

Rcom Chart - Daily:

A Symmetric Triangle can also be seen in daily charts, for which volumes are not supporting enough. But as we cross Inverted Head and Shoulders pattern target, we may revisit the strength and targets for this Symmetric Triangle as entry at this levels may increase the Risk/Reward.

Nifty Intraday Technical Analysis for 1st Sep 09

Nifty Intraday Chart - 5 mins:

Nifty opened a Gap up of 25 points which was above the Neckline of the Inverted Head and Shoulders and it started moving up. As I mentioned in the Pre-Market Analysis target for the Inverted Head and Shoulders(Right shoulder is not fully developed) was at 4730 and it reached the target. After reaching the target, it consolidated with low volumes and also formed a double top with volume confirmation. Nifty gave a break down from the sideways range giving good reversal signal at higher levels, it reached the breakdown target immediately but by pure luck it managed to slide down so fast giving a profit of 80 points in this second trade.

Nifty Technical Analysis For 1st Sept 09

Update at 11:35 AM:

Nifty opened gap up and started moving up and reached its 50 point target as I mentioned in the pre market analysis.

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Nifty Chart - Daily:

Nifty formed a candlestick doji bar and also an inside bar with minor error. Yesterdays high and low may play an important role for today.

Nifty Intraday Chart - 5 mins:

Nifty may form possible head and shoulders pattern, with neckline at 4684 level. If Nifty breaks that resistance with volumes or opens a gap up above the resistance and starts moving higher then it may go up for another 50 points.

Nifty Chart - Hourly:

On the higher side Nifty has resistance at 4684 level, above which 4708 is possible. Nifty may move up to 4730 to close the gap, which it opened yesterday.

On the lower side 4630 is an important support level to watch out. Below which Nifty may go down to 4593 level.

Inverted head and Shoulders in Nifty - 25 Aug 09

Nifty Chart - Hourly:

Nifty reached the inverted head and shoulders target, which i have mentioned in the pre - market analysis.

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank. Axis bank formed a small head and shoulders near the resistance. It formed a long legged hammer which will give support for it now. Move the stop loss to any of the support zone depending up on risk appetite. Below is the 15 min chart of axis bank

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank, book intraday profits here as price is taking resistance from previous pivot, also now its 3:20PM remember :) Below is the 15 min chart of axis bank.

PS: Intraday profits 5%

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank, Now axis bank is at resistance point. There are two resistances, hold with strict stop loss to cover profits. If we get break out we get very good profits here. Below is the inverted head and shoulders pattern in axis bank in 15 min time frame.

Nifty Futures Intraday Analysis (13th May 2009)

As expected, Nifty started with a pullback immediately after opening. This pullback formed a nice descending triangle pattern as shown in below chart.


While reaching to the descending triangle’s target, Nifty again formed an amazing ABCD (CD extended) pattern. A Bullish Wolfe Wave at the bottom of the ABCD pattern keeping full stop to the supply action, and confirming CD wave is ended here and letting us go long right at the bottom most price! Both these patterns are shown in the two charts below.




After reaching to the ABCD pattern’s target, Nifty formed a seemingly good Inverted Head and shoulders and gave a nice breakout too. The breakout didn’t sustain, and turned out to be a false one, putting a break to dramatic success of patterns today. The false breakout made the price land on the floor in no time triggering all my stops!!

Over all a fantastic day, with a smashing ending!