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Triangle formation 5418-5436 means the reversal?
| From : Leena Sebas at 09:10 PM - Feb 09, 2012 ( ) |
Share it on FacebookThe extended triangle formation in the daily chart showing 5436 as the resistance level for the last 7 weeks bull run.
Does it going to end tomorrow with some short squeezing with lot of positive news flowing from US and europe?
The bail out package is something designed to avoid any kind of major fall out in the global economy as it can create swap default and this bail out package which are talking about i feel will take days to get the approval ,and before that lot of drama we will witness related to this event.As the big players having long position in the asian market , they prefer to diffuse the negative effect of the news and try to plant whatver positive news to make us beleive that everything is going in the right direction and later when the public start to feel market is going to sky rocket, the market start to show the real face.
The daily chart is showing the end of the expanded triangle formation in the daily chart which may take nifty towards 5437 levels or 5442 to trigger some short squeezing or may be 20 points more to suck the stop loss of those who kept their ,extreme safe guarded stop loss position in the market .or even it open around the same closing levels. If that happens, then a pull back towards 5418-5436 should be used to go short in the market i feel.this is my personal feel and take your own analysis before following me.
chart attached for refrence.
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5508 covered the short ..
now no more position..not like to play bearish any more.
keeping a nutral view now.
after this pull back we are seeing now,a fall towards 5445 cant be ruled out in the next two days
the top seems capped at 5559 spot levels.
leena todays comedy
Asian markets fall, Greek bailout delay dampens mood
Today bulls able to break the long sloping channel resistance levels which was around 5445 levels .
Now as per chart next hurdle exist at 5560 levels .Either market can hit this level tomorrow and can give a correction else if it manage to push above this levels then 5648 is on the cards.
On the downside,any fall below 5510 means a correction towards 5445 cant be ruled out.
chart attached for reference.
The level mentioned on below chart as high is 5543 and today touched 5542 and closed at 5525.
Now tomorrow if market cross 5543 spot , then ..market can take new twist..
Adani power from 71.50 sky rocketed to 81 .50 , dont know any one bought it.but the RCF and renuka moved up in intra day but closed flat.
waiting for EOD chart to update now to see where market is going now. Tomorrow , those who bought shares today cant sell tomorrow , so all kind of pull back will be visible in the market unless no negative global news.Whether that pull back bulls use to exit is to be watched ..The stop loss triggering game already started as most of the position is held in the hands of a group.They are using the rating agencies to downgrading and create bearish mind among the public and on the other side they are buying ..
lets see how the market paning out tomorrow
leena 5543 too reached. where is the end? 1000 points nifty in two months without correction no where in the world. what an india leena!
Adani power another counter looking good as per chart at 71.30
Those who like to take delivery can go for renuka sugar 40.75 and RCF 71.50 for one month.
not for intra day
A very crucial day for market tomorrow.
5388 -5400 the support for spot nifty and resistance at 5428 levels and any break above can take nifty towards 5463 levels.
if the market goes up further , then will the rally continue till 5543?
any fall below 5387 can bring a fall towards 5320 levels. will it fall towards 5240?
Market always suprise us ...wait for the suprise move..
The best thing to do now is play intra day trade ..
leena 4538 to 5450 continous run. still you are thinking shorts are there to cover. everyday suddenly one pillar raise in candlestick and all shorts would be coverd in a singleday which created on the same day.except our market, all markets in the world are going correctly. we can more trust on dowjones whether we are getting profit or not sure we wont get more loss
5377 key support and 5432 resistance..
any break out on either side means minimum 90 point movements
anirban,
i said possibility of nifty touching that levels. after i posted it gone up and future touched 5445. Most of the move is to force people to cover short..Keeping a nutral view.The levels marked on the chart above 5437 might touch. i am not sure..But most of the move is to force people to cover the short.
Sengu,
the thread to show you is cooking in the studio...wait till monday .you will get good stuff to watch in all financial channels and media.
till then watch karnataka ministers story
still no sign of reversal.. no fundamentals, no tecnicals, no news base. only liquidity playing. best team work in the world
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