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a layman's approach to break out and break down |
sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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Post: #1021  Posted: Sun Jan 02, 2011 2:08 pm Post subject: Re: a laymans" approach to breakout and breakdown |
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| chandrujimrc wrote: | Hi Casper/Sumesh,
Wish you happy new year.Can u explain your view about canbk and bpcl on eod basis.
chandru. |
Happy new year to you also Chandru.
I request everyone to please write in brief on their existing position while seeking suggestion on any stock. Information like entry price,Short/Long, holding Period etc. helps in explaining better..
Regarding Canbk, It has taken a good support at around 640. A long is suggested at 650 level with a SL of CLOSE below 630 on eod basis. Targets are 675/715..
BPCL is taking a very good support at present level. Importantly RSI is constantly showing divergence. 80% of times in such cases the stock makes a sudden upmove . So I shall say a very good buy at present level with SL of Below 630 on EOD close basis for a target of 705/720..
Regards,
Sumesh
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #1022 Posted: Sun Jan 02, 2011 2:13 pm Post subject: |
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| newinvestor wrote: | Thanks, Casper.
RSI is pointing down. Hope it doesnt spoil the upmove. |
hi newinvestor
flag always stands against the current trend, bullish flag always slopes down,(just like ace)
and bearish flag always slopes up
it has not broken out yet, here rsi wont help u at this moment
rsi will start moving upward once it starts going up
this can be seen in 5 min chart
we will have a bo when price breakes the upper tl of the flag, now price is at lower-middle region of the flag so rsi is bearish, once it goes up to the upper tl before break out, we will see that rsi is also confirming the price move
BUT
if at that time, rsi does not confirm the price action, then we will have to be cautious
or else
ALL IS WELL
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chandrujimrc
Brown Belt
Joined: 21 Apr 2009
Posts: 1683
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| Post: #1023 Posted: Sun Jan 02, 2011 2:40 pm Post subject: a laymans" approach to breakout and breakdown |
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Dear Casper/Sumesh,
Thanks a lot for your immediate response.
chandru.
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chandrujimrc
Brown Belt
Joined: 21 Apr 2009
Posts: 1683
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| Post: #1024 Posted: Sun Jan 02, 2011 3:06 pm Post subject: a laymans" approach to breakout and breakdown |
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Dear Casper/Sumesh,
Thanks a lot for your immediate response.
chandru.
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Kamalesh
White Belt
Joined: 20 Sep 2008
Posts: 4
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| Post: #1025 Posted: Sun Jan 02, 2011 3:46 pm Post subject: bar reversal pattern |
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I think BAR REVERSAL PATTERN is one of the the most important reversal pattern.
example
date:29-12-2010
script: REC LTD F&O
This script make a PERFECT BAR REVERSAL pattern with high volume & open intrest (open intrest increase compare to last 2 month )
So i think this script short term tgt for 330.
My view wright or wrong .
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #1026 Posted: Sun Jan 02, 2011 6:04 pm Post subject: Re: bar reversal pattern |
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| Kamalesh wrote: |
I think BAR REVERSAL PATTERN is one of the the most important reversal pattern.
example
date:29-12-2010
script: REC LTD F&O
This script make a PERFECT BAR REVERSAL pattern with high volume & open intrest (open intrest increase compare to last 2 month )
So i think this script short term tgt for 330.
My view wright or wrong . |
i mostly depend up on candlestick and chart patterns , never tried bar patterns, but what appear to me the recltd, though reversed nicely on 29th December, i dont think its proper bar reversal
rather, i would like to interpret it as a morning star candle pattern
and i failed to understand why we should target 330, i think we may face some resistance around 310 zone
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Kamalesh
White Belt
Joined: 20 Sep 2008
Posts: 4
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| Post: #1027 Posted: Sun Jan 02, 2011 10:15 pm Post subject: Re: bar reversal pattern |
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| thanks casper ji.
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newinvestor
White Belt
Joined: 16 Feb 2010
Posts: 120
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| Post: #1028 Posted: Mon Jan 03, 2011 12:25 am Post subject: |
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| casper wrote: | | newinvestor wrote: | Thanks, Casper.
RSI is pointing down. Hope it doesnt spoil the upmove. |
hi newinvestor
flag always stands against the current trend, bullish flag always slopes down,(just like ace)
and bearish flag always slopes up
it has not broken out yet, here rsi wont help u at this moment
rsi will start moving upward once it starts going up
this can be seen in 5 min chart
we will have a bo when price breakes the upper tl of the flag, now price is at lower-middle region of the flag so rsi is bearish, once it goes up to the upper tl before break out, we will see that rsi is also confirming the price move
BUT
if at that time, rsi does not confirm the price action, then we will have to be cautious
or else
ALL IS WELL
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Thanks.
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #1029 Posted: Mon Jan 03, 2011 8:58 am Post subject: |
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a few eod charts
1. cipla at has formed , but not broken out. we need a bo to buy and target may be around 390-400
2. tatasteel each time it came this zone, and each time i expected a bo for a cup/handle set up, bo is yet to come, any close above 700 may take us 800-850 level gradually
3. wipro facing strong resi around 490-500 level. any strong close above that can take us up to 560-600 levels in coming days
tatasteel/wipro set up is recommended by RAKESH from his ship. good work RAKESH
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #1030 Posted: Mon Jan 03, 2011 9:05 am Post subject: Re: bar reversal pattern |
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| Kamalesh wrote: | | thanks casper ji. |
hii kamlesh
i am attaching an ebook which i got from forum itself
i posted it earlier also and now posting again as i think this book is very very helpful for candle stick pattern recognition
it has lots of patterns but plz pay attention to the patterns which are marked as reliable. i hope it will help u a lot
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chetan83
Brown Belt
Joined: 19 Feb 2010
Posts: 2036
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| Post: #1031 Posted: Mon Jan 03, 2011 10:36 am Post subject: Query |
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Hi Casper/Sumesh,
Pls share ur view on JPPOWER, what can be the SL and immediate target?
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #1032 Posted: Mon Jan 03, 2011 11:06 am Post subject: Re: Query |
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| chetan83 wrote: | Hi Casper/Sumesh,
Pls share ur view on JPPOWER, what can be the SL and immediate target? |
given the weekly r1 and 34 ema of eod chart around 54 area , i think the immediate target would be this, and it already made it target and facing the resistance, and going down again
if it stays above the r1 then we can buy again for 55-57 range
personally i use the at upper tl which the price has broken out during bo, as my primary sl and then i trail sl until it gets hit
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #1033 Posted: Mon Jan 03, 2011 11:45 am Post subject: |
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siemens
making an at, but wait for weekly r1 at 830 to be broken for a position
target 840 aprx
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #1034 Posted: Mon Jan 03, 2011 11:48 am Post subject: |
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hii sumesh, plz check suzlon looks like possible nvk
plz confirm this
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #1035 Posted: Mon Jan 03, 2011 8:32 pm Post subject: Re: 3iInfotech |
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| sumesh_sol wrote: | | Quote: | MTNL LOOKING GOOD sumesh bhai?????  |
Hi Aromal, MTNL is very good setup.. Expected to reach upto 60 .. |
MTNL... ringing good!!!
58 in a single day, Aromal I hope u made money from it. At least I did one good intra in this...
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