kugan_vel

kugan_vel Updated 

After the recent fall, Infy has formed a Pattern breakdown - Price went below and managed to move inside the pattern. The next direction depends on where it closes today, inside or outside the pattern. The fall may be big if it closes below the pattern. The target could be at 38.2 Fib retracement level. The correction should happen for the rally Infy has seen for...

kugan_vel Updated 

GMR Infra looking weaker based on current pattern formation. H&S pattern formation is in progress. Neckline of this pattern will be the near time target. RSI is also moving down with a series of divergence over the peak of H&S pattern. If the neckline is broken strongly then the fall could be big with nearly 30% correction from the current level and this may...

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Crude Oil hit Fibonacci level and the 1Y trendline. Will it breakout here or will undergo a correction? Below are few observations 1. 1Y trendline is hit for the 4th time in a time cyclic pattern perfectly. This is also the 1.618 Fib level for the Jan '20 - Apr '20 swing 2. Will the trendline breakdown happen this time? May not be as: - RSI negative...

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1. Double top formation is in progress, moving down towards the neckline which would be a strong support. If the neckline is broken, the target would be the bottom of the channel. 2. Day close below 21MA level indicated more bearishness 3. RSI divergence is also observed in the double top

kugan_vel

ONGC momentum depreciates and RSI negative divergence is observed in Weekly and Daily chart. Hence the 7.5Y trendline may be retested if the direction reverses from this level. If the Monthly 200MA level is broken down, price may retrace upto 61.8% breaking multiple support level. However have to wait the watch what the Feb Month candle indicates end of this...

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Trendline Breakdown after multiple support. Sell below 530 Target - 518

kugan_vel

Though SBI has reached at previous high level, a negative divergence is observed. Moreover there is a doji candle at this top level in 4hr chart. So we can expect a pullback. Let us wait and see what budget is going to trigger.

kugan_vel

SBI is trading at a very crucial level. A strong BO can happen right away or after a pullback. Budget should trigger the move. Detailed explanation is given in the chart

kugan_vel

Observations: 1. Currently at a strong support level. Previously support taken at this level 4 times in the past 9 months. 2. Additionally support is also given by 55MA coinciding with the 9M support level 3. Inverted H&S is formed with 9 months span 4. Falling wedge with lower low formation with 7 months span 5. Current support level is also a Fibonacci level...

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Banknifty trading near the trendline formed in Jan 2022. If there is going to be a reversal here, it may take support at 50MA - 37740. If this trendline is broken upside, target should be the over the multi year trendline marked. This post is for learning purpose. Analyze before doing any trade.

kugan_vel Updated 

Though Infy looking bullish for long term, currently it looks like it is into a correction phase. Probable targets are given here.

kugan_vel

1. 2Y trendline was broken in Nov 2021 and is retested this month 2. Double top formation in weekly chart. This formation was seen last time just before the crash in Mar 2020 3. Naturally market should see atleast 0.618 correction (14350) for the uptrending wave started in Apr 2020 post which only the next big rally can be triggered.

kugan_vel Updated 

IT index is very bearish and has broken many critical levels Broken 20MA and 50MA in Day chart levels last week It broke 20MA level in Weekly chart today - But still have to wait and see if the close of the candle is well below the 20MA level. Fed meeting results will have a major influence. Support levels: 1. 34500 - Support level + Trendline support 2. 32900 -...

kugan_vel

Metal index likely to test the 5000 level. This is a multi year trendline level and also weekly 55MA level. If global economic and political situation supports, it should rise after retest. Otherwise further breakdown may be seen.

kugan_vel

HINDCOPPER is at a very critical level. Observations: 1. Trading post a W pattern formed in 2 months. Breakout didnt happen yet. 2. A broadening channel is formed at the neck level of the W pattern 3. There is a 10 Months trendline which was hit last week and currently there is a pullback 4. Price is also just below the 200MA - Again there is pullback at this...

kugan_vel

Observations: 1. Multi-year cup and handle formation is in progress 2. Currently at 21 MA zone in monthly chart & Trading at 200 MA zone in Daily chart. - So there is a strong resistance at 2770 level. 3. Morning star formation in monthly chart - Considering the current resistance level, there may be a minor dip upto 2650 level for the wick to form at the top in...

kugan_vel

As already posted on Oct 10, TCS is in rangebound. And the downtrend just started in the Darvas box and the floor of the box may be hit in the next few weeks.

kugan_vel

Tata Motors may go range bound for the next weeks before the next big rally.