The first one is the heavy weight ONGC IMO, this is not a perfect H&S top, as the volumes have not been supportive of the dip below the neckline. Nevertheless, due to its high weightage in Nifty and fact that the stock is clocking lower highs and lower lows, it deserves our close attention. Next […]
For the first time in since March 09, Axis Bank has clocked a lower high, lower low pattern. This is shown in the chart below. Also visible on the charts, is the break of an important trendline and 100 day exponential MA. The green circles on the chart highlights how these levels acted as supports […]
If I were to go long here, I would place my stop below 800 at close and I would let my profit run. I do think 1200 should be an easy objective for this move.
When a stock breaks out of a range, it often provides one of the best trading opportunity. When that happens on a day when the broad indices are falling, the stock deserves even more attention. The price action of Central Bank highlights this scenario. After a smart consolidation between 209 and 190, the stock has […]
The daily chart of Sun TV (above) shows the possibility of a double top formation. However, it does not mean the stock will not cross 547-550 resistance, but the odds are against it. The double top potential would be realised only below 461. Once the stock starts trading below first support of 489 weakness is […]