From last 3 days we have seen bearish signals from MACD. Know I am eager to say that I have spotted a reversal. As you all know I am a great follower of Bollinger Band, and band turning into good supports and resistances. Even the Parabolic SAR had conformed a long bearish run. Yet I am confident to say that I am eager to see reversal. I hope market will show good support according to fib levels as I have shown in the figure. I am also eager to see how MA are going to work. Normally 20d and 100d are not a good combinations yet I am willing to try something “New”….
Tuesday, November 15, 2011
Monday, November 14, 2011
Hello everyone. I need to be back on December, but due to some personal reason I am back. So I taught to post my review for this week
As I have told you I was likely to see a “Double Top”, I went wrong L . But as I had told you that market will once again slide down (Taking a risk). I was right, once again. I have also predicted a negative crossover in MACD. Hurry I was right. Last week I had given you 2 possibilities. Fortunately I was right and plan B never worked for me.
As I have told you last week that, it will be too early to spot future supports. Know I have started to think of supports. Getting into market once again, the recent breakout of support had made market to move once again into that rectangle. Know the real sentiment of market will work. Currently market is having a support at 17062. As we have seen a poor MACD signal I am confident that market will easily break this support. Testing lower supports.
Actually I don’t have my handy book “as my friends are having there exam this month end, I have given my books to them. Even though there syllabus carry a negligible part of Technical Analysis my friends were really curious to know how Technical Analysis work etc..etc..”. Being a Marketing student last week I took a class covering 2 Modules of Technical Analysis for my Finance buddies. My friends were satisfied as I gave more than what they need to. Most of my friends rise there eyebrow when they hear Technical Analysis. Let me be clear Technical Analysis is the easiest Chapter. The only thing is you need a right person and a right material/ resource.
As I don’t have my book I am unarmed. I have never worked on fib levels and this is the first time I am using it. I hope my analysis go right as it use to…. I have given you the different support levels by Fib retracement level. Hope market follow Fib lines… I have pointed my support which I feel may turn into a good supports.
Monday, November 7, 2011
Once again I am ready to take a risk to say, it again. That market “may” form a kind of double top and then slide to my given levels. I have not yet stated working on supports. I still say band work once again.
There is still a plan “B” buzzing in my mind. What happens if I go wrong!
If I go wrong I will be willing to look this as a Elliott theorist. The resent correction I had spotted will be wave 2, and market will head to wave 3 which will be having potential to exceed 19000 levels
I am confident on my analysis. Hope I don’t use this plan B.
Sunday, November 6, 2011
Friday, November 4, 2011
Yes I was right. I have told you that market will come down even after seeing Parabolic SAR, as there was no reversal signal, even after seeing a gap I was confident that market will not hold the higher level. Bollinger band really work good. The market has crossed rectangle and have been managing a support around 17300-320 this week. As I have told if it manage the support we can see sum bullish run.
I expect a crossover in MACD, probably a negative crossover according to my analysis. From last one week we have seen market playing between 17320 to 17730. Markets have full potential to reach 17918 resistances. And then it will go to a correction again, this time market will slide up to 16782(If it fail support at 17384). And then market will head to 18300.
For me 18300 is still seem as a hurdle if market manage to overcome it. We will see bullish market. As per my expectation