NSE:IPCALAP : Complex Head & Shoulder is seen on weekly chart

Weekly Chart

Probabilities: 

• IPCALABP chart has a complex head-and-shoulders top chart pattern. 
• It has two left shoulders (LS), two Heads (H) and two right shoulders (RS) 
• There is a two horizontal  neckline to the pattern, since it is a complex head-and-shoulders top chart pattern. 
• Breakdown from the lower neckline could take the stock to the lower levels

History:

• Stock had seen a remarkable rally that continued for about 3.5 years from the level of  224 to 910.
• The bottom in the stock was made via inverted head & shoulder pattern.
• Breakout (marked by point X )from the said H& S pattern took the stock to the higher levels.
• Stock had rallied about 289 %  in about 3.5 years.

The said H & S topping pattern will be valid only after breakdown from the H & S neckline.

CNX NIFTY : Seems like a Bearish Butterfly Pattern- short term bearish

Daily Chart

CNX NIFTY : Seems like a Bearish Butterfly Pattern

NIFTY DAILY CHART

I  have spotted the Potential Bearish Butterfly Gartley pattern ( marked by XABCD points) on the daily chart of  CNX Nifty.

X is at 8626.95

A is at 7961.35

B is at 8445.60

C is at 8065.45 and
D is about to form[ in between 8899- 9070]

The AB  move retraced  in between 61.8% to 78.6% of XA move.

The BC  move retraced  in between  78.6% of AB move.

The CD  move extended in between 127- 1.618% of AB move.

Since this is a Reversal & Bearish Pattern, we  may see on the downside ,lower levels in the near term , in case index returned from point D 

• First Target is at Point X.
• Second Target is at Point B.
• Third Target  is at Point C.
• Stop is to be placed at Peak Point D.

This Pattern would be negated , in case prices closed above point D.

Inverted Head & Shoulder on Daily Chart of NOCIL LTD

Daily Chart
 Inverted Head & Shoulder Pattern is a Bullish Chart Pattern, 

HT MEDIA : INVERTED HEAD & SHOULDER IS APPARENT ON THE WEEKLY CHART

Weekly Chart[zoom out]

Weekly Chart [zoom in]

BULLISH GARTLEY IS SEEN ON WEEKLY CHART OF IDEA CELLULAR LTD

I  have spotted the Bullish  Gartley pattern ( marked by points) on the weekly chart of  Idea Cellular Ltd . 

X is at 130.

A is at 178.1.

B is at 145.25.

C is at 173 and D is at 138.10.

The AB  move retraced  in between 61.8% to 78.6% of XA move.

The BC  move retraced  in between  78.6% to 88.6% of AB move.

The CD  move Extended in 127% of AB move.

We could see that the stock has been moving up from the Point D.( must see failed bearish engulfing pattern)

This Pattern would be negated , in case prices moves back and went under Point X.

Bearish & Bullish Pattern Collision In Reliance Capital Ltd

Daily Chart

Reliance Capital had seen remarkable rally started in may from the levels of 335  and ended in July to the levels 670.

Then a correction took place and stock retraced in about three months more than 61.8% of its previous move from 335 to 670 

It then took Support in between 61.8% - 78.6% retracement of its previous  move from 335 to 670.

It bounced therefrom in the form Ascending Broadening Wedge Pattern (marked by blue dotted ascending supply & demand lines) and had retraced about 50% of its move from 670 to 433.

A breakdown from the ascending broadening Wedge was seen via long long bearish candle, which closed near its low., thereafter stock consolidates there, struggling along with the demand line that turned into supply line after breakout from the said wedge pattern and started falling again.

Four(4)Targets were given by the ascending Broadening wedge pattern( marked by dotted blue horizontal lines) out of them 3 are already met.

Now, the fall which had seen from the ascending Broadening Wedge ,took form of a falling Wedge Pattern(marked by red converging supply & demand lines ) , which is a bullish Pattern that indicates that downward momentum is slowing down and a potential reversal is making its way.

Currently Falling Wedge is made up of :

• The supply/ resistance line is formed with two successively lower peaks.
• The demand/support line is formed with three successive lower lows.
• The apex of the pattern came near 400 levels(potential support) is little away from now, thus we could see further successive lower peaks  & Lower low within it.
• The breakout is usually expected to took place near 2/3 from this pattern , which will then determine , the direction of the stock.

NIFTY REACHED UPPER END OF BROADNENING PATTERN

A Broadening pattern is apparent on the daily charts of cnx nifty.

Nifty was seen taking support at the 45 EMA from past three session.

In today's session gap up opening and follow up rally took the nifty to the upper end of the Broadening Pattern.

Nifty has retraced about 127.2% of its previous down fall from 8445 to 8068.

Tomorrow session is important to see, as what nifty would do at these levels, would it take resistance ?? or would breakout happen?

BUMP & REVERSAL PATTERN IS SEEN ON FOUR HOURLY CHART OF NATURAL GAS

TATA STEEL WEEKLY CHART REVIEW

Natural Gas Hourly(1) &Four (4) Hourly Chart

Natural Gas