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Bullish Reversal? |
opportunist
White Belt
Joined: 27 Apr 2010
Posts: 356
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Post: #1  Posted: Fri Dec 10, 2010 3:40 pm Post subject: Bullish Reversal? |
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| The attached file gives daily TF of Nifty with my projections drawn over the same. Does it look plausible? Comments invited. Thanks and Regards |
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g_a_reddy
White Belt
Joined: 20 Nov 2007
Posts: 5
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| Post: #2 Posted: Fri Dec 10, 2010 11:11 pm Post subject: |
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Yes, this can be considered as reversal. Nifty will touch 6190 shortly.
Though long time price cycles show down trend, the short times cyles are showing continous reversals, which means the long term cycles will not be completed.
Expect 6350 shortly in a month or so. This market is not going down, though many of the fund houses are saying that it will go down, my analysis says it will not. |
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ConMan
White Belt
Joined: 06 Aug 2008
Posts: 344
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| Post: #3 Posted: Sun Dec 12, 2010 11:32 am Post subject: |
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Hi
yesterday nifty opened low and then closed above half the price of previous candle. This pattern is called bullish piercing and might be a reversal of trend. Monday candle will confirm the same
regards |
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WILL2WIN
White Belt
Joined: 05 Mar 2010
Posts: 51
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| Post: #4 Posted: Sun Dec 12, 2010 8:59 pm Post subject: |
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| NF has created a double bottom. The volumes of 10/12 is lesser than 26/11 as usual and will increase on breakout confirmation on 13th Dec. If bullish confirmation is there then upmove of NF will continue to the next level. But bulls have to overcome the bearish sentiments persisting in the market. |
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Trader
White Belt
Joined: 29 Jun 2008
Posts: 2
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| Post: #5 Posted: Sun Dec 12, 2010 10:22 pm Post subject: Not a Piercing signal |
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| What nifty did on Friday is not a Piercing signal. It did not open below the low of Thursday. For a Piercing signal, the second candle has to open below the low of the first candle, not just the close of the first candle. Until the nifty closes over the 50sma, very very careful initiating long positions. If the nifty starts showing indecisiveness at the 50sma, that should prompt more short positions. At tht point the target will be the 200sma. |
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sherbaaz
Yellow Belt
Joined: 27 May 2009
Posts: 543
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| Post: #6 Posted: Sun Dec 12, 2010 10:53 pm Post subject: |
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| ChulbulPandey wrote: | Hi
yesterday nifty opened low and then closed above half the price of previous candle. This pattern is called bullish piercing and might be a reversal of trend. Monday candle will confirm the same
regards |
Hi,
What trader has said is true the pattern is not piercing line.
Now there is definite support of trend line on weekly chart of nf which has been tested couple of times so a good support now once nf close below this trend line on weeklybasis there could be a big fall then.
Friday nf rose by +1.7% which was simply due to short covering and not because of new buying. As there was decline in OI with rise in price, suggesting short covering by "SMART MONEY",in technically weak market. EOD chart s still bearish.
Would wait for some good volume and other signals for going long else every rise is an opportunity is for short.
Regards, |
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g_a_reddy
White Belt
Joined: 20 Nov 2007
Posts: 5
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| Post: #7 Posted: Sun Dec 26, 2010 10:51 pm Post subject: |
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All,
Nifty will be at 6190 shortly...
Happy Trading  |
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