Monday, June 3, 2013

Technical Patterns in the making...

"I've come to believe that all my past failure and frustration were actually laying the foundation for the understandings that have created the new level of living I now enjoy."
-Tony Robbins

Often, it is observed that we come across major technical patterns after they reach their targets successfully. And we regret of having missed out on those opportunities. So i thought to browse on some important patterns that are in the making right now (Weekly Charts), and keep a close watch on them.

1. Bank Nifty - Double Top
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2. ICICI Bank - Triple Top
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3. State Bank of India (SBI) - Break down from a channel
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4. Tata Steel - Break Down from a channel
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5. Yes Bank - Double Top
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These patterns show something eminent on the medium term charts. The markets will do what they want to do, but we can at least stay cautious while taking any position that is against the visible trend. 
I look forward to having any patterns identified by you in the comments section, along with the relevant time frame in which the pattern is seen in the making..

4 comments:

Khem said...

Hi Kirtan,
Thanks for the patterns u posted. They will certainly b helpful.
I was trying to post a pattern but cud not attach it to reply...

Dinesh said...

Dear Sir,

This seems interesting. Thanks for sharing the patterns.

My understanding is that there are a number of other factors which one needs to look at along with double top etc. chart patterns.

I am able to see only double top and not triple top in my charting tool for ICICI Bank but that is immaterial for my queries.

One of the criterias is that there should be 10% to 20% decline after forming the first top and before rising to form the second top.

The decline from the second peak should be with an expansion in volumes.

There are some other criterias as well - http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:double_top_reversal.

Do you consider them important for an accurate forecast?

Regards,
Dinesh

gourv said...

Head shoulder formation in Nifty confirmed by breaking the neckline@5970 today!!!

shreyas nevatia said...

Nifty is forming Head and shoulders on the hourly chart