Too many ascending triangles?

[linuxguy]

Hi,
I am a newbie so please dont flame me if I ask something silly.

I have started learning technical analysis and I tried to read charts of a few companies. Surprisingly, of the companies I chose randomly, most were (what I think) ascending triangles.

1) L n T
2)Pidilite
3)NTPC
4)3i Infotech

Even though it makes a very very negligible percentage of all companies, still I cant ignore the fact that these were randomly chosen stocks. Now what I doubt is that either I am reading them wrong, or the present market conditions are such that this pattern has become more commonplace.

Experts please throw some light.

Thank you.

 

[AW10]

It is more to do with current market condition. Most of the stocks follow the market trend (ofcourse you have stocks going in all other direction).

So, take each chart independent of others and search for the patterns.

Happy Trading

 

[bunny]

Its is better you post charts with annotations and markings because others don't know on which timeframe, period, exchange you are speaking about.

 

[linuxguy]

Its is better you post charts with annotations and markings because others don't know on which timeframe, period, exchange you are speaking about.

Well I only didnt post charts for the fear that they would take too much space.

 

[AW10]

upload them to imageshack.. and post link here. Chkout a thread on TJ explaining how to do it.

 

[linuxguy]

Here we are...
I am using tinypic.com Let us see if it works.

 

[vishalalluri]

hi linuxx

doesnt loook like perfect formations to me

 

[linuxguy]

hi linuxx

doesnt loook like perfect formations to me

At least NTPC and PIDILITE?

 

[MurAtt]

NTPC on break of 220, 223 to be safe and with closing EOD basis above 222 for at least 3-4 days would confirm b/out with a tgt of 250.
Even vols are reducing ... so coool ...

LT looks good too ....

 

[linuxguy]

NTPC on break of 220, 223 to be safe and with closing EOD basis above 222 for at least 3-4 days would confirm b/out with a tgt of 250.
Even vols are reducing ... so coool ...

LT looks good too ....

Thank you for your valuable comments stocks.murtaza.
Would you please suggets stop loss for NTPC?
Thank you.