Maruti Suzuki - Double TopDouble Top has formed. But it is yet to break neck line. Wait for it to break neck line and if 1 day candle closes below 8313, then short Maruti Suzuki. Target 7750.
Double Top
AUD/USD Technical analysisThe 4 Hour chart of AUD/USD has formed the double top pattern at the downtrend resistive trend line
So,It is expected to be bearish as the trend continuation form the resistance after correction.
GBPAUD H4 SHORTGBPAUD SHORT H4 SHORT ..... BECAUSE IT HAS FORMED DOUBLE TOP AND IT HAS BROKE AND RETESTED BACK... I THINK LONG TERM IS SELL..U CAN TAKE SELL ORDER ON THIS PAIR NOW.. PUT TP AT UR H4 SWING LOW
Sterlite techAccording to the double top formation, the target is 312, which is yet to be achieved.
In case that is achieved that would mark as a breakdown for the rising wedge thereby indicating more downtrend. As per the Rising wedge target: 265
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
HCL TechCharts look weak with a Double Top formation. Near term price levels of 1030. In case the neckline breaks further downside to be seen.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
beml strong supportthere are more chances for double top so once it breaks its neckline you can further more add some position
RBL Bank - 1) Not able to break 580-- bearish divergence
2) Bank trade at 3.4x P/B and has been showing good performance
3) It is likely to show dip in price due to BANK NIFTY bearish view
4) Any dip should be used to buy
TCS - Topped out ?After a seemingly never ending rally, looks like TCS NSE:TCS is taking some break near 2000 levels.
IT NSE:CNXIT in general looks in profit booking mode and with dollar coming off from all time high, we could see further fall in heavyweights like TCS , Infosys, Wipro at least for the time being.
I can see that TCS formed a Double top around 2015 with a negative divergence and it has broken the neckline at 1972 levels.
It broke the trendline as well on Friday.
Looks like the stock is heading towards 1883.
Good opportunity to short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
HDFC Ltd. - Double TopAfter 2 days of sharp upmove, looks like HDFC Ltd. NSE:HDFC is facing stiff price rejection around 1940 levels.
This resistance appears to be very strong as the stock has failed to clear it for third time in a row.
I can see a Double Top formation here with negative RSI divergence.
If the stock falls and sustains below 1915, looks like it will head back to 1865.
Good opportunity for option writers to go short here with stop loss at 1950.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
CNXPHARMA – Short term correction on cards ?After an explosive rally of about 1500 points (8000 to ~ 9500), Nifty Pharma NSE:CNXPHARMA has been facing stiff resistance around 9500 levels for past few days.
Also, I can see that it has formed a Double top with negative divergence and broke the rising trendline today.
Most major stocks like Lupin, Dr. Reddy, Cipla which appeared to give a breakout have retraced back their gains making a strong case for a false breakout.
(I had mentioned this possibility yesterday in my ideas on Lupin, Dr. Reddy and Cipla)
If it breaks 9100 levels, we could see a retest of 8800 levels before Pharma index resumes next leg of rally.
However, if it holds 9100, the rally might continue upward without further fall.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
HDFC Bank - Heading Southwards ?HDFC Bank NSE:HDFCBANK appears weak as the stock went down even when Nifty was up around 125 points.
I can see that the stock is facing heavy resistance around 2160 levels and has formed an evening star like reversal pattern with Negative RSI divergence.
Good opportunity for option writers with stop loss a few points above 2160.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
USD/CAD Technical analysisThe daily chart of USD/CAD has formed harmonic shark pattern AB=CD.
The daily chart has also formed a long engulfing candle.
Also in 4-hour chart a double top pattern has been formed.
So we can expect some profit booking in the counter and a long retracement could be possible.
DXY Technical analysisThe 4 hour chart of DXY shows sideways movements and double top pattern
With engulfing candle formed selling pressure intensifies further more here after
Short until reaching the expected targets respectively.
ICICI Bank – Double top and Evening StarICICI Bank NSE:ICICIBANK appeared very weak today, with the stock forming a large Bearish candle showing strong price rejection in the 300-302 zone.
I can see that the stock has formed an Evening Star pattern today.
Also, RSI has been increasing whereas the stock formed a Double Top, indicating hidden bearish divergence.
I think the stock is heading back to the 277-283 zone.
Good opportunity to short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
USD/INR - Double TopUSD/INR FX_IDC:USDINR has been hovering around the 68.5 mark for quite some time (around a month) now, and has started to come down slowly.
I can see that the price has formed a Double Top with a negative divergence.
Looks to me like the price is slowly approaching 66.85 levels.
Good opportunity to short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
