Ascending Triangle in Tatasteel - 25 Sep 09

Tatasteel Chart - Daily:

On daily charts Tatasteel formed an Ascending Triangle. Will observe the price action at 490 levels to buy for smaller term.

PS: Nifty reached the first target of the Butterfly pattern

Update on Bullish ABCD pattern in Tatasteel - 16th Sep 09

Bullish ABCD pattern in Tatasteel posted earlier, reached the first target of Gartley at 507. I wanted to re-accumulate in the dips but couldn't do it as it didn't go down much for retracement. Now at 520 level which is exactly Rs.104 profit for each stock Booked 6.5% here.

Update on Bullish ABCD pattern in Tatasteel - 11th Sep 09

TataSteel Chart - Hourly:

I have entered the trade with ABCD pattern which I have posted earlier. Now updating the extended targets for the Gartley pattern marked in the above chart with targets. I wanted to accumulate this scrip in the dips so I planed and booked out 75% of the holdings at each target, so that I would be in profit even if it hit stop loss. But even in a feeble day as yesterday, it managed to hold good.

TataSteel Chart - Daily:

On the daily charts it has broken the previous pivot, which again indicates strength. I would like to add in dips depending up on situation. Expect some updates.

Update on Bullish ABCD pattern in Tatasteel - 8th Sep 09

Update at 2:02 PM:
Booked 25% of my swing holdings at 464.50 which is Flag and pole target also it is near to second target.

~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~

Update at 11:52 AM:
TataSteel gave a break out from flag and pole, and heading swiftly for second target :)

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Tatasteel Chart - Hourly:

Update on Bullish ABCD pattern in Tatasteel. It reached the "Big" ABCD pattern target

It is at the resistance, watch out we may get a break out or it may come down a bit. I am moving my SL to 451 for next 25% swing holding.

Update on Bullish ABCD pattern in Tatasteel - 7th Sep 09

Tatasteel Intraday chart - 15 mins:

Update on Bullish ABCD pattern in Tatasteel, it reached the second target. booking 50% of my swing trades and would go for trailing stop loss for remaining holdings

Update on Bullish ABCD pattern in Tatasteel - 4th Sep 09

Update on Bullish ABCD pattern in Tatasteel, It reached its first target in intarady.

Similar view on Tata Steel here by Satyam.

Bullish ABCD pattern in Tatasteel - 3rd Sep 09

TataSteel Intraday Chart - 5 mins:

TataSteel formed a Bullish ABCD pattern in 5 min time frame. Long trade already triggered with the stop loss of 402, one can buy in dips.

Tatasteel Chart - Hourly:

In the Hourly charts also it formed a Bullish ABCD pattern (with an error in BC retracement) Also it has formed a descending triangle in hourly charts and gave a good break down for that pattern, trade can be taken with caution. If it reaches the target for the intraday pattern and also breaks out of the horizantal neckline at 433 with good volumes, I will trail for the targets of the ABCD pattern in hourly (454-456).

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.

Update: Bearish Wolfe Wave in Tata Steel (1min)

Update on Bearish Wolfe Wave in Tata Steel (1 min). TataSteel is showing strength, looks like it may not achive the target. Keep the stop loss above the pivot + filter. Below is the 5 min chart of TataSteel.

Update at 4:30PM :

This wolfe didn't reach target, but it gave very good exit point for the longs. And reversing at the stop loss was good profitible trade.

Bearish Wolfe Wave in Tata Steel (1 min)

TataSteel is forming a bearish Wolfe wave watch out

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

Update: Channels in RelCap, Tata Steel & ICICI

Update on Channels in RelCap, Tata Steel & ICICI posted on 28 may

Tata Steel: Reached the target today at around 12:00 noon, booked handsome profits :) Below is the updated chart:

Reliance Capital: It attempted twice to break yesterday's high with low volumes, but couldn't succeed, which is clear week signal for longs. So I stopped out at pivot low break, with marginal profits. Below is the updated chart of Relcap:

ICICI Bank: It moved up nicely, though volumes were on lower side. while moving up it was consolidated in sideways and gave break out with good volumes twice. During the down moves, there wernt any big volumes. I exited this as I don't want to hold my position over the weekend. Below is the updated chart of ICICI Bank:

Update: Channels in RelCap, Tata Steel & ICICI

Update on Channels in RelCap, Tata Steel & ICICI posted yesterday:

Tata Steel: Gave a breakout with wide spread and big volumes, triggering longs. Retested the channel resistance twice successfully, which is good. Hold longs with the stop loss below Rs.366 - Filter.

Reliance Capital: Also gave a breakout with wide spread and big volumes, triggering longs. But, after that it formed a Lower-High pivot and broke down back into the channel, threatening the up move! Hold longs with strict stop loss (Choose your pick for stop loss depending up on the risk appetite as shown in the below chart)

ICICI Bank: Also gave a breakout with wide spread and good volumes, triggering longs, but later on after the first successful retest it started moving sideways forming candlestick dojis with high volumes indicating the selling pressure. Hold with stop loss (first stop loss is below pivot low and second stop loss is just below the gap, as gap gives good support. Choose the stop loss depending up on the risk appetite) below is the 5 min chart:

Channels Waiting for Break Out / Break Down

After the spectacular move on 18th March, most of the stocks entered a trading range. Here are some of those Channels that are likely to be broken up or down

Tata Steel

Reliance Capital

ICICI Bank