Trading Odyssey

Wednesday, March 17, 2010

Interpreting Charts - 17th March 2010

NIFTY EOD Analysis as on 17th March 2010

White Spinning-top Candlestick. Showing buying pressure. But, after touching the resistance level,couldn't sustain the days high. Indecision sets in after touching the resistance level and thus a spinning-top candle is formed.
Stochastics is showing flat bias, and is in overbought area.
MACD is showing +ve bias.
EMA5>EMA15>EMA50. EMA5 support at 5175. EMA 15 support at 5089. Now 5160 is the new support level.

Answers for Yesterday
NIFTY continued its buying force and now is facing a resistance at 5235 level.
Questions
Can NIFTY break 5235? Let's wait and watch.

Tuesday, March 16, 2010

NIFTY EOD Analysis as on 16th March 2010

White Candlestick. Showing buying pressure. Last 2 days spinning-top indecisive candlesticks was broken by Bulls today and it closed above the resistance level of 5160.
Stochastics is showing flat bias, and is in overbought area.
MACD is showing +ve bias.
EMA5>EMA15>EMA50. EMA5 support at 5120. EMA 15 support at 5070. Now 5160 is the new support level.
Questions
Can NIFTY sustain to be above 5160 level tomorrow? If it confirms, then NIFTY may touch 5300. Let's wait and watch.

Monday, March 15, 2010

NIFTY EOD Analysis as on 15th March 2010

Black Spinning-Top Candlestick with small body. Showing Indecision in an uptrend. Found resistance at 5150 level.
Stochastics is -ve bias, and is in overbought area, showing downward slope.
MACD is showing +ve bias.
EMA5>EMA15>EMA50. EMA5 support at 5120. EMA 15 support at 5047.

Questions:
Are buyers losing momentum at top? Is the candlestick sign of a reversal? Let's wait and watch.