Learning technical analysis

There is no unique interpretation. So it is important to accept a bit of imperfection while reading charts.

Very first point you look in TA is - What is the timeframe of analysis.. That helps in analysis. If you draw Monthly chart of nifty then we will have different observation.

1) Yes it is a triangle formation. Sort of ascending triangle pattern which is bullish pattern.. Asc Trangle is continuation pattern if it comes after a trend. In this case it is acting as reversal pattern. Interpretation is still the same i.e. bullish pattern.

2) Trendlines - some analysts draw it from high/low point of the bar and some draw it from the close price. No single correct answer. I prefer to use high/low points to draw TLine on shorter time range i.e. daily chart and focus is less then 2 or 3 months. That is because mkt players have short term memory which needs to be more accurate. H/L gives the right price level where battle of bulls/bears has reached the decision.
As lor ot of longterm charts are drawn as Line Chart, hence I am inclined towards using Close price to draw TL.. Anyway, it really doesn't matter even if we use H/L.

Hope this helps in your learning.
Happy Trading.

ya,this will help me in learning.
in last one month i noted that,if any newbie asks doubts or so
most of time you are the first person to answer them
keep this good work.
may this new year will give u more success.

thanks AW10 for being so nice.. and a very happy and prosperous new year to you and Theekar too

Thanks Theekar for wishes and appreciation of my effort. Helping newbies is my way of contributing it back to the trading society.
Don't worry , I will continue doing it (and specailly now, when one of my 2009 objective is also built around it) .

Wishing you, fast_rizwan and all other readers a great new year ahead ..

Happy Trading.

Dear AW10 - Great to hear that you are the there for help.

I have been dieyin hard to find a book that gives me more info on learning how/what the techincal terms are, and any online site or book to learn more about this.

Thanks for your help.