IDEA CELLULAR :- Daily & Weekly Chart Review

1. Two Bearish Gartley  in a row was spotted on daily Charts of Idea -Cellular Ltd.
2. Stock started falling  from Point D and continued its fall till it met 61.8% retracement of AD leg.It bounced therefrom but unable to cross resistance set by point B.
3. Stock again returned from Point B and broke Up -sloping trend line, however its still standing at 61.8% retracement support.
4. Breakdown from this support may take stock to the levels of 145, 138, 134, 129.

Daily Chart

 

1. Weekly Chart is in consensus with the Daily Chart.
2. On weekly Chart stock is oscillating in between down-trending channel, which might be construed as potential bullish three drivers pattern [ Point 1 & Point 2, already established]
3. This potential pattern , if completed might take stock to the levels of 130-129- 127 on the downside, to establish point 3.

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Weekly Chart

CNX NIFTY: Probability of another butterfly..

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CNX NIFTY: Daily Review at Closing

Today's session was a volatile session..

Index gave a gap-up opening, though it went in red during intra-day.

In the second half , index manged to bounced back and exceeded the falling gap resistance zone on closing basis.

CNX NIFTY: Bearish AB= CD projection

Just Spotted the Potential Bearish AB=CD Pattern on CNX NIFTY DAILY CHART

The AB=CD is a pattern where each price leg is equal ( time wise/price wise) to the other.

Point A is at 8065.

Point B is at 9073

AB leg took approx 15 days to complete.

BC leg retraced 61.8% of AB Leg, which coincides with 50 day sma, which would hold index and may set-up a decent rally.

The final leg i.e CD leg of the pattern may see price rises from Point C to peak at point D. The CD move is going to be 161.8% of the BC move, this leg may take about 13- 15 days to complete.

Please note that Bugdet is also 17 days away from today, so it could be seen as budget rally.

Pattern would be negated in case index closes under point C.

For previous analysis , please click on the link below:

https://www.linkedin.com/pulse/article/seems-nifty-forming-bearish-butterfly-pattern-manurika-agarwal/edit?trk=pulse-edit-nav_art

NSE: BANK OF BARODA

Bank of Baroda had fallen about 26% from its life time high of 228.9

This fall was a result of Bearish Deep Crab Pattern & weak Q3 Results.

Evening Candle Stick Pattern ( Bearish Pattern) was also there on Monthly chart.

Short term support is at 173.5.

Intermediate support is at 156.

Long term supports are at 139 and 115.

NSE: IDEA CELLULAR LTD :- Establishing nexus between Daily & Weekly Chart.

Daily Chart

Weekly Chart

NSE: Nifty Monthly Chart Review

NSE: RPOWER - Descending scallops.

Currently Rpower , daily chart is depicting downward price trend, leading to descending scallops. First scallop:  Marked by Point A( Peak ) and Point B ( Rounded valley), downward breakout from point B was seen with high volume, this breadown also took the shape of another descending scallop. Second Scallop : Marked by Point C ( Peak )& Point D( Rounded valley)     To confirm this pattern as a valid one , these two probabilities are required to keep in mind: A breakout from Point C (right peak) will lead to upward breakout. A breakdown from Point D (lowest valley) will lead to downward breakdown.

RCOM : Looks like forming short term bottom.

Daily Chart

Stock has seen forming short term bottom in the form of Inverted Head  & Shoulder at the support 61.8% retracement  of previous rally from 50 to 165.

If stocks sustains above 83-84 levels, we could further see it heading towards 90-92 levels.

Near term supports are standing at 78, 75, same can be used as potential stop loss.