Indigo Daily Chart !

Reliance Daily Chart !

Weekend Views on Nifty !

Nifty Chart !

 Nifty Chart: The Daily above and the Hourly Below !

Weekend Views On Nifty !

The Daily Chart and a few observations;

1. The three key EMA's are bullishly inclined and the Price trading above it.
2. The Price structure remains intact with HH-HL.
3. The overhead resistance at 8335-50 still remains.
4. As often mentioned that last few days price action was more of a consolidation to bring up the 20 periods EMA.
5. 8100-8075 remain good short term support as of now.

The Hourly Chart ;

1. In my previous post I had mentioned the negative divergence on the hourly chart and looks like it played well.
2. Yes! you can see a small HNS on the hourly chart shaded in the ellipse. The necklie is precisely where the previous price congestion is.
3. On the hourly chart 8150 looks a good support, breaking that with volumes might take it to 200 periods EMA below at 8100-8080 below.
4. The immediate overhead resistance remains at 8250-8280.

It would be prudent to wait for the first 15 minute candle to be completed at tommorow's opening before initiating any trade. Not only it gives you some idea of demand and supply plus also puts the risk reward ratio at your side.

Weekend Views On MCX Crude !!!

Oil's well that end's well!

 Below is the Monthly chart of MCX Crude and some observations;

1. Crude rose up from Feb lows and found resistance at the 20 period EMA at 3380 and closed below it.
2. On the monthly the overhead resistance is the almost horizontal 200 period EMA at 3630.
3. Having said that it also needs to close above the 20 periods 3380 and previous month's close at 3333!!!
4. 3000 and thereabouts look like a good support on closing basis on the monthly chart.

The Weekly Chart;

1. On the Weekly you can see that the chart met resistance at old price levels shaded in red band.
2. Price is still below the 200 periods EMA but  trading above the 20/50 EMA and 20 EMA is trying to crossover the 50 EMA.
3. Last three week's action is more subdued and shallow probably since the price had drifted to far away from the nearest EMA and is trying to pull it upwards.
4. A break below 3220-30 would mean a retest of the 50 period EMA at 2950 and thereabouts.

The Daily Chart;

1. Bullish alignment of all the key Ema's and Price trading above them.
2. The price structure of HH-HL in place.
3. The recent DT formation and a slight negative divergence on the charts has puled the price down to the 20 periods EMA.
4. 3250-65 needs to be protected on closing basis to maintain this uptrend.

JindalSaw Daily Chart!!!

Weekend Views On Nifty !

The Weekly Chart;

 The Daily Chart;

The Hourly Chart;

Weekend Views On Nifty !

Friday saw a very subdued movement in the Nifty, with weak Asian cues and none positives coming in from the West, our Index held out on its own. With negative headwinds from China and weak rest of the markets Nifty was kinda strongest Index performing!!!

Posted below is the Daily chart and some insights from it are;

1. The long term trend still down.
2. The intermediate trend (is up) marked in Red and Blue arrows signifies HL and HH still in play.
3. The last candle sort of hammer, where the bulls took charge right back after testing the 50 EMA (the yellow line).
4. Price is precariously positioned between the confluence of 20/200 EMA and 50 EMA.
5. The confluence of 20/200 at approx 7770-75 is also incidentaly the 20 EMA on the monthly chart.

Monday might see a flat to slight gap up opening if all bodes well. On the daily chart there is almost a 100 point range between the overhead resistance and support below and a decisive break of this range with conviction will set the tone for future movement/direction of Nifty.

Nifty Views !!!!

What you see above is the Daily Chart of Nifty. Some plain simple observations;

1. On Daily we are clearly in a downtrend and the recent uptrend can be simply called an intermediate uptrend. For the Purists it can be a bearsih flag in the making and might be an onset for next leg down !!!

2. The Fibbonacci lovers would rejoice how the price reacted at;

     (a). 33.33 retracemnt levels found resistance then conquered it and then retested it before the leg up.
     (b). Similarly now 50 was tested and price retreaded from there.

3. The area marked in the white ellipse is of great significance vis a vis price action. There is a lot of confluence of things out there. There is the 50% fib resi. There is the old price resi now support zone.
Ofcourse there is a Gap fill to be done. And most importantly there is the 200 EMA and 20/50 Ema congregating there for a crossover. Price action gets volatile whenever a major EMA (200 EMA in this case) is breached or tested !!!

As far as the Price keeps on making HL and HH trade in the direction of the trend.

Always remember in Technical Analysis we deal with probabilities and not certainities and as the adage goes trend is your best friend the remeber STOP LOSS is like your WIFE !!! You may want to hold on to her no matter what !!!!

Cheers !

NF Daily Chart !!!

This is the Simplest Way You can get to Identify Price Action!!!

Trend Following! The Simpler The Better!

Today I had a nice discussion with a few friends and it all veered down to identifying the trend and its reversal. Well we discussed everything from trend lines, moving averages, to indicators and oscillators. Everyone had their own personal choices; like I always say different strokes for different folks! I personally find the good old Dow Theory the best for this. The good old higher highs and higher lows or the lower highs and lower lows sequence the best way to identify the trends. It sounds too simple but then I guess in TA simpler is what works! The element of KISS rulez!!! Please do take a look at the chart below and try to see if watching this action makes a difference to your trading. What I am talking about? Just look at the chart below and maybe you can see your MONA LISA!!!

Chart courtesy of Trading Strategies.

"I am great believer in luck and I find that the harder I work the more I have of it."

Thomas Jefferson