Nifty-Micro Analysis of 2 days Intra Day Chart(Dec 19 & Dec 20,2011)
Nifty-Intra Day Chart(Dec 19 & Dec 20,2011):-
Technical Patterns and Formations in last 2 sessions intraday charts
1- Two days consolidation 4560-4590 in last 2 days
2- Last half hour consolidation between 4532-4552 on 20-12-2011
Conclusions
Indian markets closed today at the lowest of 2 days and also at 13 months lowest but intraday patterns of last 2 days are showing confolidation formations therefore last 9 days down move stopping and its retracement is possible from today lowest( 4531.15). Following levels and ranges will be watched tomorrow for next short term trend confirmation:-
1- Last two sessions consolidations- 4532-4552 & 4560-4590
2- Last two sessions trading range- 4532-4620.
3- 4640
As last two sessions consolidation patterns therefore short term up trend possibility is alive and one by one following levels will give next moves confirmations:-
1- 4590(Above will mean strong indication of up moves after consolidation)
2- 4620(Above will be confirmation last 2 days consolidations)
3- 4640(Sustaining above will be survival confirmation of Trend Reversal Broadening Pattern.
Up moves are expected above levels will be short term up trend confirmations.
Nifty-Intra Day Chart(Dec 19 & Dec 20,2011):-
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1- Two days consolidation 4560-4590 in last 2 days
2- Last half hour consolidation between 4532-4552 on 20-12-2011
Conclusions
Indian markets closed today at the lowest of 2 days and also at 13 months lowest but intraday patterns of last 2 days are showing confolidation formations therefore last 9 days down move stopping and its retracement is possible from today lowest( 4531.15). Following levels and ranges will be watched tomorrow for next short term trend confirmation:-
1- Last two sessions consolidations- 4532-4552 & 4560-4590
2- Last two sessions trading range- 4532-4620.
3- 4640
As last two sessions consolidation patterns therefore short term up trend possibility is alive and one by one following levels will give next moves confirmations:-
1- 4590(Above will mean strong indication of up moves after consolidation)
2- 4620(Above will be confirmation last 2 days consolidations)
3- 4640(Sustaining above will be survival confirmation of Trend Reversal Broadening Pattern.
Up moves are expected above levels will be short term up trend confirmations.