NSE:TATACHEM : Weekly engulfing bear candle exactly breaking yearly average and break down long trend line on weekly chart. May continue same down trend in short term. In comparative analysis it looks like probably head and shoulder.
this projection is taken from a different market
it should make sense to you that the price action of any asset is not random,
the principals of geometry, including fractals, lines, shapes, patterns, and more,
can be applied to and utilized, in interpreting the price action of any asset.
Sharing only for the purpose of learning.
IT sector may lose some steams after this wonderful rally.
Fibonacci Projection as shown reached the 1.414 levels in a single rally.
Few stocks showing some retracement signs on charts.
It can retrace or again start his journey again as few stocks still seem very strong on charts as below.
- TCS - Mindtree ...
The stock has already taken its move.
The stock is moving up-direction.
The value is moving higher and chances are it will continue move higher.
Yet the perception is that the market is perhaps at a point where investors should be buying.
Major support level is 1853.
Nifty index, has formed a bearish correction wave after the completion of the impulse wave that started at the end of the 2008 Crisis, pushing equities higher and higher.
NIFTY looks to make lows at 9800 or even drift lower as time passes.
With elections around the corner, it doesn't seem that impossible either.
SO, keep your positions light and breezy in the...