Re: Todays Buy Levels
rajaram,
However a quick check gave me this in Satyam Fut 60 mins.
Asish
N.B. Yet no Entry Signal in Hrly chart.
asish,
actually my call was for a short signal .... when its a H & S top we can go short on the scrip with stop loss as the neckline and vice-versa for a H and S bottom.. In satyam it is a H and s top so it has a rewarding short trade below 400-410 on closing ( in cash )...
Even in the hourly chart i can see that i has a rounding top formation which again is bearish ..
but iam watching out for volume picture since typically in a Hand S top formation usually the rally to the right shoulder occurs on less volume than on previous rallies which is the case with satyam ..however i have to wait till the neckline is penetrated with high volumes . If the neckline (400-410) is broken on low volumes then it could indicate a false signal..
All said since it has rallied on so many occasions in the past from 400-410 levels to 450 it represents a low-risk entry point with 406 as SL.. Today i have entared a long trade on this but iam fully aware that i have to exit no matter what if 400 is broken even on intra-day basis because the target once 400 is broken will be 350.
