NIFTY ascending broadening wedge pattern updated

NIFTY DAILY CHARTS

ascending broadening wedge pattern updated

nifty may face res at upper blue T/L which is moving up by approx 9 pts per day

from 7809 to 8180(upmove of 371 pts in 41 sessions)

from 8180 on 8th sep to 28th nov nifty had taken 52 sessions

8180+(52X9=468)=8648

on friday 28th nov as per calculation upper blue T/L res was near 8648

and next week for five trading days upper range will move up by 5X9pt=45 pts

8648+45=8693 may be upper(resistance) levels for next week

first indication of bearishness will be break below pink lines

range is contracting b/w upper blue T/L and lower pink lines

will it give a B/O on tuesday 2nd dec(much awaited RBI monetary policy)

or nifty will keep itself within the contracting range for next week and then may decide the course from week starting 8th dec

support of upsloping pink T/L as per siple mathematical calculation is

support is moving up by by near 28.6 pts per day

T/L supp was at 8456 on 27th nov( 8429 were lows prev day 26 nov ..diff of 27pts)

support of T/L was near 8456 +28=8484 on friday 28th nov

will be near 8484+28=8512 on monday

and 8512+28=8540 on tuesday ...........D Day

For downward breakouts, use the lowest valley in the pattern as the target.(7422)

For upward breakouts, compute the difference between the highest peak (probably near 8660-90 range) and lowest valley (7422) in the pattern to get the height. Multiply the height by the “percentage meeting price target”(i.e 69%) and add it to the breakout price ( 8660) to get the price target of 9500.

AN ASCENDING BROADENING WEDGE PATTERN DEVELOPING IN USD-INR 4 YEAR CHARTS

 KYA AISA HO SAKTA HAI??

AN ASCENDING BROADENING WEDGE PATTERN DEVELOPING IN USD-INR 4 YEAR CHARTS

MAY test lower T/L of pattern near 60 levels by mid jan 2015(trgt of bearish WW pattern)

then may move up a bit(small bounce to trap long posns)

trgts of this type of pattern on breakdown from lower T/L is generally the lowest point of pattern

trgt 48.60

BEARISH WW PATTERN IN USD-INR DAILY CHARTS

nifty views for next 2 weeks

expected path of nifty for next 2 weeks:

EXPANDING WEDGE PATTERN(Update)

highs made nearly touching upper T/L of wedge pattern were

8364 on 5th nov
8415 on 12th nov(nr 4 trading days for upmove of 51pts)
8454 on 18th nov(nr 4 trading days for upmove of 39pts)
8490 on 21st nov (3 + days done so far)
4 days will be done near 11am(+/-1hr) on monday 23rd nov

8454+39=8493
and 8454+51=8506

probably nifty may face res in 8493-8506 range on monday in b/w 10am -12noon

till expiry max upside within wedge may be 8540-50 range

similarly lows of 8321 and 8353(lower T/L) were made in 5 days gap
so on expiry (5 days from 20th) near 8385 will be support

possible move of nifty may be 8499-8433(till tuesday)-8493-8385/65 range till expiry

probable trading range for monday is 8499-8457 levels

since coming week is expiry week nifty will take its(hers) own course and may not follow global cues

after expiry again from next friday on 28th nifty may start its uptrend towards 8640 +/-20 range

Ascending Broadening Wedge Patterns

nifty daily charts

high made 

7700 on june 11th

8180 on 8th sep

upmove of 8180-7700=480 pts in nearly 3 months time

8180+480=8660

probable high will be near 8660

8660 will also be third test of upper T/L

and as per symmetry may be near 10th dec

huge caution need to be taken near 8660 levels

For downward breakouts, use the lowest valley in the pattern as the target.(7422)

For upward breakouts, compute the difference between the highest peak (probably near 8660) and lowest valley (7422) in the pattern to get the height. Multiply the height by the “percentage meeting price target”(i.e 69%) and add it to the breakout price ( 8660)

 get the price target of 9500

nifty

buy dips near 8417-12 range
cmp 8417
trgts 8436

sell 8436
trgts 8420
sl abv 8444

buy 8420
trgts 8460-68 range tomorrow
sl below 8407

nifty views update

tomorrow 8420 is critical levels to watch

if opens gapup near 8435-45 range then may dip towards 8420-25 range

 if takes support and break abv 8455 then may trgt 8500 intraday

if sustains abv 8455 then 8400 will be history this series

but if breaks below 8420 then may trgt 8390-70-50 intraday

possibility of nifty range for tomorrow is

8445-8360 or

8425-8500

NIFTY AND BANK NIFTY UPDATE

NIFTY VIEWS UPDATE
when nifty broke abv 8395 went upto 8409 retraced to 8400 and then zoom to 8438

breakout of CT has trgt 8381

double bottom pattern(though not copybook pattern but still pattern to pattern hi hota hai) trgts are 8415-8320=95 pts

8415+95=8510

tomorrow may probably be a tight range day and 8442-8390 may be broader trading range

abv 8442 trgts are 8465-8381-8510

some patterns developing are indicating that nifty may probably not dip below 8385 and will move up steadily towards 8623 levels till expiry day

corrections may come intraday and nifty may probably move up making HH nearly everyday

BANK NIFTY VIEWS:
BN channel trgts are 17875 on wednesday

channel is rising nearly 56 pts everyday

breakout of CT(nr 260pts) in Bn was done near 17570

trgts are 17570+260=17830(probably on thursday)

larger CT has trgts 17570+430=18000

OPTIONS O.I DATA
last nail in coffin of bears

today 8400 pe added more than 12lakhs in O.I and

8500pe addn was more than 5 lakhs

highest O.I in 8300pe near 63.8 lakhs with addn of more than 4.7 lakhs intraday