Wednesday, November 20, 2013
Silver shining!!!
Commerce Graduate with more than decade and half years of experience in capital markets
Twilight???
Hi all,
Nifty along with Sensex has given a reliable bearish pattern, EVENING STAR on daily charts.
However there is a gap in Nifty between 14 & 18th November 2013 which is still not closed and becomes the final ray of hope for bulls in short term. Evening star will be confirmed when prices break 6120-6100 and sustains below it....
Sustaining below or closing below 6100 can take Nifty to the recent swing bottom near 5970 and if that is broken it may bring some more pain as Nifty might break below the neckline of the Head N Shoulder pattern on daily charts which might have targets near 5700-5600... (Thought that will not be a classic HNS pattern of its kind, breaking 6050-6000 levels will bring in enough bearish sentiments given the current domestic and global scenario, i.e. Inflation, CAD, Interest rates domestically and early QE tapering globally)
All short term long positions should ideally have a stop loss of 6100 on closing basis or a touch SL of 6030.
Please find the pictures below:
Evening Star -
Head N Shoulder in forming - Without Volume Confirmation -
Head N Shoulder in forming - With Volume Confirmation
Nifty along with Sensex has given a reliable bearish pattern, EVENING STAR on daily charts.
However there is a gap in Nifty between 14 & 18th November 2013 which is still not closed and becomes the final ray of hope for bulls in short term. Evening star will be confirmed when prices break 6120-6100 and sustains below it....
Sustaining below or closing below 6100 can take Nifty to the recent swing bottom near 5970 and if that is broken it may bring some more pain as Nifty might break below the neckline of the Head N Shoulder pattern on daily charts which might have targets near 5700-5600... (Thought that will not be a classic HNS pattern of its kind, breaking 6050-6000 levels will bring in enough bearish sentiments given the current domestic and global scenario, i.e. Inflation, CAD, Interest rates domestically and early QE tapering globally)
All short term long positions should ideally have a stop loss of 6100 on closing basis or a touch SL of 6030.
Please find the pictures below:
Evening Star -
Head N Shoulder in forming - Without Volume Confirmation -
Head N Shoulder in forming - With Volume Confirmation
Commerce Graduate with more than decade and half years of experience in capital markets
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