Indian Charts: Nifty channels

Friday, July 8, 2011

Nifty channels

When the Nifty hit the 5740 and returned today , it actually hit the UPPER trend line of another PERFECT PARALLEL CHANNEL . When we join the two points marked by arrows with a straight line , the parallel line to it , when drawn from the November 10 highs stops STOPPED the NIFTY today . It was also the 200SMA.
So there we go , got another channel , the BLUE ONE , along with the familiar RED one that we had been watching.

A DARK CLOUD formed .Technicals overbought and TURNED .Looking for a resumption of the BEARISH TREND.

No comments:

Post a Comment

Words of WISDOM

"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

---Jesse Livermore

"What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favoured my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time. No man can have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play."

--Jesse Livermore

Total Pageviews

Friday, July 8, 2011

Nifty channels

No comments:

Post a Comment