Hi all,
I would like to post my chart readings under this thread. Infact, this my first chart on this forum. At this time, I would like to be thankful for Saint for "Teach a man to fish...." compilation by Amit as this publication made it simple to begin my learning. I've been an active member of Yahoo Technical Investor group since the beginning of this year and of inditradersdot com for a while now. With all the help and guidance from like minded members of these forums have helped me a great deal in my "learning of TA" journey. As they say, "success is a journey; not a destination"
My first chart will be of Wipro.
Wipro 23rd Sep 2010.
Close @ 441.65
Since 18th Jan, 2010, 450 level has proved to be R on two other occasions; whenever, the scrip approached the R, the reversal is marked by a “hanging man” pattern; today’s pattern is no different from the other 3 occasions; hanging man @ the R level, during a rally. What else one need to expect a reversal? The scrip is also forming an “ascending triangle”. When I say “watch out”, the stock may retrace (respecting the “hanging man” reversal pattern) till the up trend line and then bounce off it to break (hopefully) the 450 R level.
Hmm……. On checking the Weekly though, it shows that after the 2009 rally till 450 levels, the stock has been trading in a range in the whole of 2010. It has formed triple top (now it the 4th top) {or triple double bottom or Inv HnS, which ever way one want to look at it} but what is interesting is that before making the 4th top, the stock has failed to kiss the S by a decent margin. So, this may qualify to be SFFP (Success From Failure Pattern). So, an immediate b/o is possible (instead of a retarecemnt as expected in the previous para). To make it more interesting, I leave it up to you to calculate the target zone. Please note that the target may be explosive due to SFFP b/o.
The charts are on the next post below. Thanks!
Babu Kothandaraman
I would like to post my chart readings under this thread. Infact, this my first chart on this forum. At this time, I would like to be thankful for Saint for "Teach a man to fish...." compilation by Amit as this publication made it simple to begin my learning. I've been an active member of Yahoo Technical Investor group since the beginning of this year and of inditradersdot com for a while now. With all the help and guidance from like minded members of these forums have helped me a great deal in my "learning of TA" journey. As they say, "success is a journey; not a destination"
My first chart will be of Wipro.
Wipro 23rd Sep 2010.
Close @ 441.65
Since 18th Jan, 2010, 450 level has proved to be R on two other occasions; whenever, the scrip approached the R, the reversal is marked by a “hanging man” pattern; today’s pattern is no different from the other 3 occasions; hanging man @ the R level, during a rally. What else one need to expect a reversal? The scrip is also forming an “ascending triangle”. When I say “watch out”, the stock may retrace (respecting the “hanging man” reversal pattern) till the up trend line and then bounce off it to break (hopefully) the 450 R level.
Hmm……. On checking the Weekly though, it shows that after the 2009 rally till 450 levels, the stock has been trading in a range in the whole of 2010. It has formed triple top (now it the 4th top) {or triple double bottom or Inv HnS, which ever way one want to look at it} but what is interesting is that before making the 4th top, the stock has failed to kiss the S by a decent margin. So, this may qualify to be SFFP (Success From Failure Pattern). So, an immediate b/o is possible (instead of a retarecemnt as expected in the previous para). To make it more interesting, I leave it up to you to calculate the target zone. Please note that the target may be explosive due to SFFP b/o.
The charts are on the next post below. Thanks!
Babu Kothandaraman
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