Weekly chart has bounced back two points (80) before the support level. The recoiling effect is on. Hopefully the high of the recoil is made. Don't see it break the high of 6180. If it breaks past this, the momentum will take it past 6220.
Daily Analysis:
Interesting thing is the DOWN channel is shifting to a lesser momentum channel (Pink one). However, multiple resistance lines are lying at different points. Not all of them might act, but one needs to be careful. In order of their sequence: 6060 >> 6120 >> 6165. Support lines are lying at 5960 >> 5920 >> 5860.
Hourly Analysis:
Hourly chart is going through a transition from one slope to another one. Support lines are lying 5950 >> 5930. Breaking them goes through 5870. Resistance lines are 5060 >> 6120. Important thing is that there is a confluence coming around 5860 - 5870. If the correction is on, I expect some 20 columns to be spent before the next impulse comes.
Summary:
Daily & Hourly are in perfect sync. Resistance: 6060 >> 6120 >> 6165; Support: 5960 >> 5920 >> 5860.
Momentum of fall should be controlled now.
dear rajib
ReplyDeletemy old question????? "How do u download hourly data in your excel sheet?"
and a new question???? "what is recoiling effect?"
kindly answer them
regards
deepak
Dear Depak,
ReplyDeleteYour Questions ...
A. "How do u download hourly data in your excel sheet?"
I have a PIB (Power India Bulls) account they provide it. Open sources are not downloadable; however, it can be done in either of these days:
i. Google Finance (http://www.google.com/finance?q=nse%3Anifty)
ii. NSE Site:http://www.nseindia.com/ChartApp/install/charts/mainpageall1.jsp?Segment=OI&CDSymbol=S%26P%20CNX%20NIFTY
B. "what is recoiling effect?"
Recoiling Effect: I shall try to cover it in my technical write-up series, that I have started, with example. However, in short, when there is a steep break out, often it is followed by declining range of price movement, before it moves again in the direction of the break-out. Seldom it happens that it moves in the opposite direction to break-out.
Regards,
Rajib
thanks Rajib for such a refined response
ReplyDeletewaiting for ur next technical writeup
regards
deepak