| Topic : Trend Analysis Of Indices |
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Equity Investments: Hot Stocks |
Financial analyst |
Derivatives and Bonds |
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4 comments
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last activity : 07 06 2010 20:18:04 +0000
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In last week blog post it was indicated that in BSE Sensex Daily Chart a classic peak & trough progression pattern is observed. This Higher High and Higher Low formation is clearly seen on uptrend line 7.
Between uptrend line 10 and uptrend line 7 a Rising Wedge like Pattern is being observed. A pattern within a pattern !!!! An interesting combination indeed. Such phenomenon is often observed in charts. This one of the beauty of technical analysis.
But unfortunately this Raising Wedge pattern does not fit into the Technical parameters. A Wedge should not exceed 2 to 8 weeks in time ...while this rising wedge like pattern has been forming since last 4 months..so it has exceeded the technical time limit.
So we stick to the classic Peak and trough progression..in BSE Sensex Daily chart......a classic bullish structure. Global indices are also showing good rise and momentum.
The current situation is well summed up by no other than Jesse Livermore " It has been shown time and time again that on Wall street (Stock Market) people very often fail to see the thing that is right in front of them."
He also emphasised in his book that " There is no need to understand why market is going up or down. Market going up and down is because of myriad factors. What is most important is to follow the right trend."
So trend is a good friend currently ...but at the same time keeping a cautious eye on stop loss and trailing stop loss will be good in longer run.
http://suchitaambardekar.blogspot.com/2009/10/bse-sensex-trend-analysis-20102009.html
By Suchita Ambardekar.
http://www.suchitaambardekar.blogspot.com
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yes, this is the right time to buy copper, but do so with stop loss in case one takes a trade in MCX.. In case of investments and physical delivery in copper, this is the right time to buy copper and may add more on more weakness. |
Thanks all of you for such nice comments.. |
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