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| Discuss Itc , Double Top .. A Dangerous Sign Ahead... at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Well ,.. Thanks Ashish for ur concern about this pattern,.. I didnt say its a ... |
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#11
8th January 2007, 10:00 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
Well ,.. Thanks Ashish for ur concern about this pattern,..
I didnt say its a trend reversal but in downtrend too it has tried to breach the previous wave's high and couldnt succeed,.. And If u just look at that perticular time period it indicates DOUBLE TOP only. And Till the date i didnt find any book what writes DOUBLE TOP CAN BE FORMED ON THE TOP LEVELS OF THE MARKETS ONLY. It could be formed anywhere in between. ( As per my best knowledge , May be I'm wrong.) But This pattern is one of the most sure pattern to trade about for a short term/ swing trader. Thanks again everyone for ur views. Regards,.. Darsh 
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#12
8th January 2007, 10:08 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
Quote:
Thanks for drawing my attention towards weekly pattern also... On Weekly pattern too its showing the sign of weakness only.. Its forming rounding top .. break below 161 will give a clear indication of this pattern. and it could be more worst. Lets see wht happens in coming days. Regards.. Darsh
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#13
8th January 2007, 10:56 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
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Hope this will clarify your doubtshttp://stockcharts.com/education/Cha...doubleTop.html AGILENT
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#14
8th January 2007, 10:59 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
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#15
8th January 2007, 11:07 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
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Read specially the first two paras below the chart in the link AGILENT
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#18
9th January 2007, 05:14 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
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But what shall I say to this pattern which has been indicated in the chart ? Shall I say continuous Double Top ?? I didnt find any good name for it .. If u can please Identify the pattern n do let me know . I will be thankful to u... To, vince,.. Bro , I'm neither Short nor Long with Anything right now. I'm out of all my longs @ 4000 mark. And I didnt built up any short after that yet. About Nifty Making Double top, The confirmation will come below 3650. So, Better to watch. Thanks for ur concern Friends .. Regards & Apologies also for not understanding pattern properly. Darsh
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#19
9th January 2007, 11:31 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
Quote:
But it looks to me ITC made a double top in April and May last yr See this (choose one yr ) http://finance.yahoo.com/charts#char...urce=undefined So it would appear to have been a long term bear trend since then .... and , if so , the correction since mid June would be termed only a 'secondary' ( sounds bizarre I know ... but that's the best theoretical explanation I can come up with) Other views ? AGILENT
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#20
10th January 2007, 04:14 PM
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Re: Itc , Double Top .. A Dangerous Sign Ahead...
Quote:
HI AGILENT,.. THANX FOR YAHOO CHART LINK... BUT I DIDNT FIND IT ANYTHNG LIKE DOUBLE TOP HAS BEEN FORMED THERE ,.. IT CROSSED 208.50 . WENT UPTO 212.50 (i.e. its lifetime high also.) NOW LETS MAKE IT MORE INTRESTING BY ADDING SOME FIBO RATIOS INTO IT... THE SWING OF 212.50 TO 140.50 . THEN U WILL REALIZE THAT ITS NOTHING BUT A CORRECTIVE RALLY. PULLEDBACK TILL 76.40% LEVELS. THEN FAILED TO SUSTAIN OVER IT. AND YOU CAN SEE IT BREACHED 61.8%, 50.0% AND EVEN 38.2%. NOW THE SUPPORT EXIST @ 23.6% LEVELS. HOPING ANOTHER PULLBACK UPTO 50% LEVELS THEN MAY BE IT CAN COMPLETE 100% LEVEL. bUT AS PER I HAVE NOTICED WITH FIBO RATIOS , IT IS TRYING TO COMPLETE THE PATTERN OF 61.8%- 23.6%. UR VIEWS PLEASE. REGARDS,.. DARSH
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