This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

August 10, 2011

Bullish pattern in Tatasteel Day chart




















Bullish Bat pattern has developed in Day charts.

XA = 714 - 448 = 266points
B = 575.2 = 50% retr of XA (approx)
C=  642.1 = 50% retr AB(approx)
D = 476 = 261.8% retr of BC

The 1st  target for this bullish pattern is 38.2% retr which is 539. After this there might be a short dip upto 500 levels and again the uptrend would resume. This pattern is invalid if 448 is broken down.


No comments:

Post a Comment