Update: Raising Wedge in Ranbaxy - 22nd Sep 09

Ranbaxy Chart - Daily:

Raising Wedge posted earlier on Ranbaxy broken the resistance line decisively, so invalidating this pattern.

Raising Wedge in Spot Nifty - 22nd Sep 09

Update @ 3:05 pm:

Break down did not happen, invalidating this.

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Spot Nifty Intraday chart - 5 mins:

Spot Nifty formed a raising wedge in 5 min charts, also we can see it in futures too but it is not perfect. If it gives break down with confirming volumes, then I will exit the long trades at the break down and reverse the trade for intraday with small quantity.

Update: Flag and Pole in Rcom - 18th Sep 09

Flag and Pole in Rcom, posted earlier. Moving stop loss to 305.9 for next 25% of long holdings.

Update: Flag and Pole in Rcom - 17th Sep 09

Possible Flag and Pole in Rcom, posted earlier. Reached its first target of 317. booked out 50% and moving stop loss to 293 for remaining holdings.

Update: Raising Wedge in Ranbaxy - 15th Sep 09

Ranbaxy Chart - Daily:

Raising wedge in Ranbaxy posted earlier is still intact, if the resistance line is broken then wedge gets invalid

Possible Flag and Pole in Rcom - 15th Sep 09

Rcom Chart - Hourly:

Rcom is consolidating with low volumes after reaching 317, and it is forming like a falling wedge. This wedge not yet fully developed. Which may act like a flag to the previous shooting up move with spiking volumes. If it gives break out with confirming volumes then the first target may be 317 and second target may be 365.

Short Term Market View - 10 Sep 09

Nifty Chart - Daily:

Nifty formed an Ascending Triangle pattern in Daily charts. But, the breakout of the previous highs (resistance) is not very convincing to launch fresh longs and start expecting more upward move. Low volumes reflect week supply and not strong demand. Its wait and watch period in my view. I am hoping that after some up move, market would come back for a re-test of this resistance line (around 4760-4770). A break out or breakdown from the re-test levels may lead the trend. This point may be a safe entry for fresh longs or even for shorts on a breakdown, which may convince this up move as a false breakout.

Sensex Chart - Daily:

On the contrary, Sensex has formed a Raising Wedge, which is bearish. If the resistance line is broken up, then wedge would be invalid. Interesting times!

Raising Wedge in Ranbaxy - 26th Aug 09

Ranbaxy Chart - Daily:

Ranbaxy formed a Raising Wedge pattern in daily charts, support line is little bit steeper in my view, but it is still tradable. Now it is at the resistance line, short trade can be taken when it gives breakdown with confirming volumes.

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.

Falling Wedge in Nifty (Futures) 22nd May

Continuing from yesterday's charts, Nifty Futures formed a Falling Wedge pattern. The volumes are expanding while pattern is forming, which is still OK for wedges, though draining volumes are ideal. Price gave a good break out with big volumes and spread and triggered long above the resistance line (Rs.4200) with the stop loss at the low of the day, which was at 4163, for the target of 4320. After break out, price started moving up with draining volumes, which is not a good sign and can weaken the chances of hitting the target. Some of the profits are booked at end of the day, and holding the remaining with the stop loss at 4235.

Below is the 5 min chart of Nifty Futures showing this Falling Wedge pattern.

Update: Bearish Wolfe Wave in Ranbaxy

Update on Bearish Wolfe Wave in Ranbaxy that I posted yesterday.

Ranbaxy moved down as expected. Today it formed falling wedge pattern, but the break out of the wedge is not convening as the spread of the break out bar is not big and volumes are also low in that bar. As the break out is not convening, holding the short trade and moving the stop loss to previous pivot high.

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!

Nifty (Futures) Intraday Analysis for 21st April 2009

Nifty opened gap down and moved up to close tha gap and then moved down. After retesting the wedge support line, gave a BO of the wedge at 12:15 PM. But after that, price started moving up with low volumes and then came down to retest the upper line of the wedge.

Below is the nifty futures chart showing Falling wedge:

• While moving up, a Symmetric Triangle was formed, but the target was not reached.
  
• We can also see Double top at the top of the price chart. Target is achieved for it.
  

Below is the Nifty Futures intraday chart on 5 min time frame:

My Trades:

• Went long at 3367 after pivot break
  
• Reversed to short at 3400 when pivot low is broken. After making double top.
• Covered at 3356 at 3:20 PM
• Total 33(In long trade)+ 44(In Short trade) = 77 Points profit