#BATAINDIA short term spiked price increase momentum phasing outOne can expect the price to see a correction of atleast 5% in the coming days after a sudden spike in price by almost 37% in a little over 3 months.
RSI on daily chart indicates that it is in overbought territory and the overall trend is downwards as well after the price peaked in early 2015.
Correction
Nifty likely to top outIt seems that the upside momentum in nifty has got exhausted and may see a correction up to 8600 price levels for short term, one can see that nifty is forming a rising wedge kind of pattern which is a bearish pattern, whereas price action in other emerging market indices also seems to be bearish and experience a correction.
Nifty Flag Pattern!! Potential Buying Opportunity Coming Up!!Nifty is making a Flag Pattern which is coming near the lower trendline with MACD Divergence.. I would expect the price to go higher from there which gives a potential buying opportunity.. If it break the Flag upper trendline line then My Markets are at the all time highs around 9120. However, if it continues to go lower then I would wait to see what pattern is being formed before taking long positions..
Happy Trading!!
CrompGreav Short Setup!!CrompGreav is giving a Short Setup breaking the trendline would take the stock lower toward the first target of 70 and probably further lowers toward 50% and 61.8% retracement levels. Details are giving on the chart. Stoploss should be just above the 89 level and can be trailed for the trade.
Happy Trading!!
ACC Short Setup!!ACC is giving a Short Setup.. After a large rally ACC gave a 5 wave decline correction from 1740 to around 1590 Levers after which it has moved back up again in what looks like a 3 wave corrective pattern indicating that it will go down again for a Wave C or Wave 3 correction down. One can short the stock at current price levels with stoploss just above 1740 and Targets around 1560 / 1500.
Happy Trading!!
Siraj Hudda, CFTe
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