Diamond pattern is formed in NF hour. The breakout must be with increased volumes.
It will breakout above 5520 NF and breakdown below 5580NF.
July 29, 2011
Diamond pattern in NF hour
Diamond pattern is formed in NF hour. The breakout must be with increased volumes.
It will breakout above 5520 NF and breakdown below 5580NF.
Analysis for July 29
Ns has closed below all pivots, 5ema and Lema's. Todaysclose below 5495 week Lema would lead to further weakness.
Action plan for today:
Sell below 5490 week Lema with Hrly close above 5500 - 5520 - 50 DMA
Buy above 5530 Day Lema with SL hrly close below 5500.
As per weekly charts NS is likely to get support at trendline 5410 - which coincides with Month Lema.
Also if the week closes below 5475 yesterdays Low then it would be bearishly engulfing previous two weeks candles, which would lead to further weakness.
Action plan for today:
Sell below 5490 week Lema with Hrly close above 5500 - 5520 - 50 DMA
Buy above 5530 Day Lema with SL hrly close below 5500.
As per weekly charts NS is likely to get support at trendline 5410 - which coincides with Month Lema.
Also if the week closes below 5475 yesterdays Low then it would be bearishly engulfing previous two weeks candles, which would lead to further weakness.
July 28, 2011
Development of bullish pattern within the bearish day pattern
A Bullish pattern has developed within the bearish Butterfly pattern.
BEARISH BUTTERFLY PATTERN:
XA = 5912-5197
B = 5740
C = 5497 (CURRENT)
Probable tgts for C = 5468,5404 (if downtrend continues)
Bullish Bat Pattern:
XA = 5197 – 5740
B = 5497
C= 5702
Probable D = 5508, 5441,5370
If D of the bullish pattern gets supported at the 5508 -50 DMA levels, and moves past 5702, then the C of the Bearish pattern would be fixed at the current levels of 5497. When the D moves below 5497, then the lowest would be the C for the Bearish pattern.
Analysis for July 28
NS has closed below all pivots, 5ema's and Day Lema
Owing to weak global conditions market might gap down and try to find support at 5505-10near 50 DMA - failing which would lead to further weakness and if the previous low and week Lema of 5496 is conquered, then 5404 - month Lema is on cards.
Action plan for today:
Sell below 5550 - Day Lema, with SL Hrly close above 5555
Part book near 5500 levels.
Add shorts below 5490-80 with SL Hrly close above 5510 - 50 DMA
Buy above 5555 with Hrly SL below 5550.
Owing to weak global conditions market might gap down and try to find support at 5505-10near 50 DMA - failing which would lead to further weakness and if the previous low and week Lema of 5496 is conquered, then 5404 - month Lema is on cards.
Action plan for today:
Sell below 5550 - Day Lema, with SL Hrly close above 5555
Part book near 5500 levels.
Add shorts below 5490-80 with SL Hrly close above 5510 - 50 DMA
Buy above 5555 with Hrly SL below 5550.
July 26, 2011
Analysis for July 26
Ns moved past all resistances and made a High of 5700 yesterday. It has closed above all pivots, High ema's - except for month High ema.
NS is resisted at the trendline and 200DMA at 5715 - a close above which is essential for this upmove to sustain.
Action plan for the Day
Sell below 5700 with SL Hourly Clse above 5720
Buy above 5720 with SL hourly close below 5700
NS is resisted at the trendline and 200DMA at 5715 - a close above which is essential for this upmove to sustain.
Action plan for the Day
Sell below 5700 with SL Hourly Clse above 5720
Buy above 5720 with SL hourly close below 5700
July 25, 2011
Analysis for july 25
Strength: NS closed above all 5EMA's, Low EMA, Pivots and Day Hema. The 5EMA has moved
above 5SMA.
Weakness: NS closed below the Month 5EMA and Week High Ema.
NS is likely to find support at 5600-5610 20 DMA and holding this NS would attempt to reach the 5730 50 DMA.
Only on a close above 5647 - week Hema and previous high, NS would reverse to Uptrend. Else it would be range bound between 5647 - 5555. A firm close below 5555 would confirm downtrend.
Intraday Weakness would set in with an Hourly close below 5620 - Day Hema and a day close below 5620 would set a short trem Weakness in Daily TA
Action Plan for july 25:
Buy above 5625 with SL hourly close below 5620. Part book at 5650-80 levels. (Trendline resistance)
Continue longs above 5680 with revised SL at hourly close below 5645 - Week HEMA
Sell Below 5620 with SL houly close above 5625. tgt - 5595,5585,5575,5555
Continue Shorts below 5550 with revised SL Hourly close above 5560.
above 5SMA.
Weakness: NS closed below the Month 5EMA and Week High Ema.
NS is likely to find support at 5600-5610 20 DMA and holding this NS would attempt to reach the 5730 50 DMA.
Only on a close above 5647 - week Hema and previous high, NS would reverse to Uptrend. Else it would be range bound between 5647 - 5555. A firm close below 5555 would confirm downtrend.
Intraday Weakness would set in with an Hourly close below 5620 - Day Hema and a day close below 5620 would set a short trem Weakness in Daily TA
Action Plan for july 25:
Buy above 5625 with SL hourly close below 5620. Part book at 5650-80 levels. (Trendline resistance)
Continue longs above 5680 with revised SL at hourly close below 5645 - Week HEMA
Sell Below 5620 with SL houly close above 5625. tgt - 5595,5585,5575,5555
Continue Shorts below 5550 with revised SL Hourly close above 5560.