These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
The loose inverted head and shoulder pattern seems to have been completed. The Nifty today did make a higher top also. The conventional indicators are now showing some negative divergence. Therefore, there is a strong possibility that the Nifty could correct downward from here. The Nifty futures volumes seem to be drying up, primarily because of the lack of volatility. There has not been enough upward or downward movement to allow stops to be triggered, either of the bulls or the bears.
A breakout of the H&S gives us a logical target, somewhere in the region of 3610, but on the other hand, there is a Fibonacci Level which falls around the 3570 level. Let us see how much strength is exhibited by the Nifty and when it is achieved.
2 comments:
Wah sirji wah ! The breakout came just like u said ! (i went long and lessened my losses !) Thanks a lot !! Do tell us more abt ur website ! Curiosity is killing many cats here !!!
reg
ketan
Hello happytrader,
I have posted my reply on the date of your comment.
I had said that right now I do not have time to do individual stock analysis, and neither can I look at other analysis sites.
I am sure you are doing a good job.
Wish you all the very best ... and take care.
Dusant
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