Above is the chart sent by my fellow analyst and good friend Shiree Mamgain, his take on NIFTY. As they say a picture is worth a thousand words!!!
Sunday, September 28, 2008
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Charts for the Indian Stock Markets...Realtime and EOD...Nominal Fee For An Awsome Service...!
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ReplyDeleteI feel like this is the head and shoulder formation and if the nifty goes above the neckline we should go double the price of the difference between head and shoulder, but if we see the Bars before that it shows a clear down trend and thus i feel that we should neglect this pattern. If it would have been an inverse H&S then we should follow it.
Regards,
Vipin
Dear Vipin,
ReplyDeleteMy Dear friend Manoj has allowed me to answer to ur comments.The Head and Shoulder Pattern has more Bearish weight as its been formed at the apex of a descending triangle. Still the clear direction of mkt can only be known if either it breaks down the Horizontal Line of bottom of Triangle at 3760 or the slanting upper side of Triangle at +/-4075. In case it breaks down then we might see the levels of +/- 3100 , equivalent to the height of the HSP. Hope this is useful . Goodluck Shiree
Thanks Shiree i didn't knew that aspect of the H&S , can you please guide me which book i should refer to, which has such details on all patterns. One of my friend suggested me Technical analysis by Edward & Maggi, is it gud or do u suggest some thing else.
ReplyDeleteThank you,
Regards,
Vipin
Vipin Hi
ReplyDeleteIn my blog I have given a link of the pattern site ...please visit it and get the book by the site owner Thomas Bulkwosky...its a definitive guide on patter studies