PRICE ACTION : No indicators, patterns and theories. Just price.

#91
Dear Friends,
Today we had negative cues from the world markets and our markets reacted accordingly. This presented an opportunity to study price action in Titan futures. I have mentioned the importance of 1102 and 1094 in my earlier posts. The following charts will demonstrate how the markets played out these levels. Besides it helps us to understand what the dominant players are aiming at. Keep an eye on 1094 and 1102 levels in the charts and kindly read what I have mentioned in the charts to understand price action.

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#92
Yesbank futures trading at 257. Suggested to buy at dips for target of 260 in earlier posts with a stop loss below 240 on closing basis.

Yesbank futures have touched 257.9. Traders should keep a stop loss at 255 levels to protect longs created on dips just in case the market goes for profit booking in view of the weekend.
Finally Yesbank futures have touched their target price of 260 today after the fears of recession and slowdown in the US that gripped our mkts for a couple of days.
 
#93
Titan has been respecting 1102 and did not take out 1094 (stop loss) for the last few sessions. Today it has made a high of 1123 in futures. Hopefully it reaches 1134 levels today and completes its target.

Titan made a high at 1126.75 and again slips back to 1105. Every retracement takes the prices back to 1102 levels.

Titan went below 1102 made a low of 1096.75 and recovered back to 1107. Stop loss at 1094 remains intact.
Friends I had stated in my earlier posts that Titan should aim for a target of 1134. Finally on the series expiry day today it achieved the target. It showed lot of promise in between but kept slipping in trades only to fall all the way down to 1102 and it tested our stop loss level of 1094 a couple of times. Now coming to stoploss if you see the intraday charts the futures prices never remained below 1094 for long. Whenever there was dip the Bulls pulled up the prices quickly. The price action to understand here is how the stock reacts near the given stop loss levels. 1094 was an important level and it was protected inspite of intraday breaches. Kindly have a look below to understand how price action works.
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