What is a ratio Chart:
Ratio charts play a significant role in technical analysis, offering valuable insights to traders and investors. These charts display the relative performance between two assets or indices by comparing their price movements. By dividing the price of one security by another, ratio charts provide a visual representation of their...
Pattern Name: Bullish Engulfing
Pattern Type: Bullish Reversal
No. of Candles: 02
How to Identify it?
1)There must be a preceding Downtrend.
2)A short Red candle followed by a long green candle.
3)The Green candle should open lower & closes higher than the Red candle.
4) The Green candle should completely engulf the Red candle.
The psychology behind it :
1)The...
SUMMARY***
*IT index is showing a visible pattern
*Tcs only stock showing positive pattern
*wait for a close below the demand zone
*we will see how the pattern develops further
*will the price breach the demand zone or the trendline will be taken out
*wati and watch approach here
NIFTYIT/NIFTY relative strength chart has broken out of its bull flag on the daily chart. Going by this, we are likely to see IT stocks continue to outshine in the near future.
tcs looking bearish till 2142 ,
if taken support ,targets - 2176 , t2 - 2221
if broken 2142 level , downside target is 2120 , will take support from that level
2120 CAN be an demand zone . buy at those levels
Nifty is making a Cup & Handle in lower time frame, a breakout level coincides with the Bearish AB=CD between 9600-9650 which I had already suggested as a possible level in my previous tweets, view would go wrong below 9100. At the same time NIFTY IT in hourly is on the verge of an IHS breakout which suggest 13500 as a probable level. Both suggested levels could...
It has bounced from an extremely crucial monthly Ichimoku (Kumo) support. If it were to be held then all time frames suggest a consolidation between 14000-12500 would be likely. However, if it does not hold then the next major support is a Bullish Harmonic Shark at 10000. $:INR showing signs of exhaustion currently is a big issue with the sector.
Nifty IT had made a Bullish Harmonic 3 Drives Pattern (a pattern not found so regularly in our markets) which lead to a sharp rally and a higher low confirmation. It is now approaching a Falling Trend-Line which coincides with the PRZ of a Bearish AB=CD. As per Ichimoku also 16000 has a weekly resistance which might hinder/pause the trend. A breakout above it will...
