Watach for 24391 level. Resistance face and not able to break out the 25654 level.
Hindalco rallied yesterday and today to make a high around 160. It cross the pitch fork higher line from April 30 high which and was facing resistance from extended line of higher pitch fork line. At the same, it made a harmonic bat pattern indicating a reversal. With the perfect timing made a good profit in the stock. Seems to face good support around 150 and...
Dow has taken 2 pitch fork support and 3 Hours Ichimoku cloud support. Seems its consolidating at this range. Looks like Thursday fall was a pull back. No point on going short. Play long with stop loss of Base line A of Ichimoku.
Nifty 50 giving the break out of Leading Span A in daily chart which would mean a bearish days ahead. Would wait for a day to confirm if the Nifty breakouts 8800 level which is 4 hourly Lead span A break out. This should give a clean fall towards the first target of 8306 which is also a 50% retrenchment from the low point of 7500 . Second target (if Nifty break...
Very unlikely that Bank Nifty would be crossing 18000 mark as the bank nifty is seeing strong resistance at this level. I am expecting it to be retreat back to 17500 Mark which is provides the support and may be Wave B of the Elliot wave. Could be a Non trend day with very low momentum on the expiry day to capture the maximum premiums of the option writers....
Changing my thoughts and trying to be unbiased with fundamentals. To retailers fundamentals are proved wrong again and again on account of price action. Have a strong feeling that the sideways moves is consolidation and the break out of 24200 level would be with a big bang. Ichimochu clouds are suggesting the Leading Span A is showing good support. Would...
When in Doubt refer Eliot Wave. Hindalco seems to be consolidating in area around price range of 117-120. With a resistance in the zone of 122-125 zone. Bollinger band of Hindalco in 15 minutes charts is squeezed. The sideways moves around 117-120 has been very traumatic with no clear views on the next move. Hence going back to Eliot waves which suggest that last...
Still no plans for reopening the economy. Lock down for the most of the states extended till May 15-31. People still uncertain on the impact of lockdown on the GDP. The big corporates across the Globe have deferred the revenue guidance for the Q2, 2020. The Nifty and Bank nifty though given a break out, would recommend to stay away with the same. Falling...
DJIA be cautious....Is it the second wave....Support seen at 23507 and 22954 level.. Increase momentum indicates that 24400 level rejected...
Although the bank Nifty and Nifty has given a BAT pattern break of 38.2% the declining ATR indicates that the breakout is not reliable. Would stay away from Market for couple of weeks. Most likely we may see next wave of down fall by Friday/ Monday.
Dow just gave a major breakout...expect a major bull rally ahead.....major uptrend on the way ahead....only worry is falling ATR.....