Nifty-Intra Day Chart(16-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Selling between 4772-4815
2- 190 Points fall and Panic Bottom formation in 1 Hour and 44 Minutes
3- Positive cross over in MACD
4- Oversold intraday Indicators.
5- Indicators recovery from oversold zone
6- Positive divergence in oversold zone
Conclusions from intra day chart analysis
Panic bottom formations after 190 points fall in 104 minutes and such formations are seen at the time of trend reversal also but more confirmations are required in the coming couple of sessions. As intraday indicators are showing positive divergence in oversold zone therefore Bounce Back is expected on coming Monday. Although Dead Cat Bounce possibility also can not be ruled out but retracement of 190 fall according to Fibonacci levels can not be ruled out. Crucial 3 Fibonacci retracement levels are as follows:-
38.2%- 4701
50.0%- 4724
61.8%- 4746
1- Selling between 4772-4815
2- 190 Points fall and Panic Bottom formation in 1 Hour and 44 Minutes
3- Positive cross over in MACD
4- Oversold intraday Indicators.
5- Indicators recovery from oversold zone
6- Positive divergence in oversold zone
Conclusions from intra day chart analysis
Panic bottom formations after 190 points fall in 104 minutes and such formations are seen at the time of trend reversal also but more confirmations are required in the coming couple of sessions. As intraday indicators are showing positive divergence in oversold zone therefore Bounce Back is expected on coming Monday. Although Dead Cat Bounce possibility also can not be ruled out but retracement of 190 fall according to Fibonacci levels can not be ruled out. Crucial 3 Fibonacci retracement levels are as follows:-
38.2%- 4701
50.0%- 4724
61.8%- 4746