CHART LOOKS A BIT COMPLICATED BUT THERE IS LOT TO TELL HERE
1 - FIRST OF ALL ON WEEKLY CHART NIFTY FORM A HANGING MAN CANDLE WHICH IS A BEARISH SIGNAL ON TOP OF UPTREND
2 - NIFTY REMAINS IN CONGESTION PERIOD FOR 8-10 DAYS WHICH I RECON A DISTRIBUTION PHASE
3 - LAST WEEK VOLATILITY SUGGEST THERE IS CLIMAX OF DISTRIBUTION PHASE
4 - OPERATOR NEEDS TO EMPTY HIS...
PREDICTING ANYTHING IN THIS DAYS IS MOST DIFFICULT BUT THERE ARE SOME POINTS ON CHARTS THAT CAN GIVE US SOME HINT ON NIFTY RECENT BULL RUN .. WHILE EVERYBODY THINKING ITS A REVERSAL OR RETRACEMENT?
THERE ARE SOME POINTS ON CHART THAT SHOWS NIFTY BULL RUN CAN MAKE A HALT ON THIS BULL RUN
(1) THERE IS A LONG TERM SUPPORT AROUND 10K WHICH CAN BECOME RESISTANCE
(2)...
RELIANCE IND
MIGHT FACE RESISTANCE AROUND 1500-1540 AND RETRACEMENT
REASONS
- RSI OVERBOUGHT
- LONG UPPER WICKS SHOWING SELLING PRESSURE
- AT UPPER PARALLEL CHANNEL
- QUARTERLY RESULTS ARE BAD - REVENUE DECLINED PROFIT DECLINED
OIL INDIA LTD IS A FUNDAMENTALLY STRONG COMPANY WHICH HAS THE VALUATION OF 153 FOR THE YEAR
TECHNICAL REASONS TO BUY OIL -
1 - OIL ACHIEVED ITS TARGET ON SHORT SIDE WHICH IS 77
2 - ON NEXT WEEK WE CAN SEE EXTRAORDINARY HUGE VOLUME + DOJI WHICH WE CAN SAY BUYING VOLUME
3 - RSI OVERBOUGHT
4 - PRICE AT BOTTOM OF THE DOWNTREND CHANNEL
BUY FOR THE OIL FOR THE TARGET...
NIFTY AT CLUSTER SUPPORT + OVERSOLD ON RSI + CHANGE IN POLARITY SUPPORT + TREND CHANNEL LOWER SUPPORT + LONG LOWER WICK. CAN WE EXPECT THIS IS COULD BE THE BOTTOM?
IF NIFTY BREAK THIS SUPPORT THEN WE CAN HAVE ONLY A FINAL SUPPORT @ 6145 BEFORE IT GO DOWN TO 4611 & 2263.
