My charts (and yours too........)

babukraman

Well-Known Member
#1
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
 
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babukraman

Well-Known Member
#5
Tata Steel
Close @ 623.50
Hanging man after 19 days of rally; today’s close doesn’t relate to any of the past R or S levels. So isn’t it better to put this scrip on the “watch out” radar? Weekly suggests up trend only. It’s just the daily charts need to be taken care of as of now. If the scrip closes below 615 (21st Sep close), which will eventually break down the trend line, then a bearish view may taken for the retracement. Then 38.2% retracement level will be around 576
Regards,
Babu Kothandaraman
 

babukraman

Well-Known Member
#9
Bank of Baroda
Close @ 863.30
Formed bearish engulfing pattern at the end of pull back; interesting to note that this is the fifth time the scrip has touched the up trend line; on previous occasions, even though it has managed to bounce off the up trend line, this time the scenario looks somewhat different. There is negative divergence in RSI and STOC. So, if 860 (uptrend line) is broken, may go short, with a tight stop loss.
Regards,
Babu Kothandaraman
 

babukraman

Well-Known Member
#10
Sail: Close @ 204.40
Bearish engulfing; possibly at the peak of rally; which is a previous resistance level @ 208 ish; yesterday’s candle a low close bullish candle with a long top wick which also spells bearish; Stoc is in ob zone; can we expect a pullback? If so, by how much? If we take the low of 184.85 of 8/27 to the high of 210 on 9/22, then the 38.2% retracement will till 200 levels.
or double bottom b/o in the making
Regards,
Babu Kothandaraman
 

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