Nifty-EOD Chart (26-Feb-2013):-
Technical Patterns and Formations in EOD charts
1- 4770.35 on 04-06-2012(Corrective Wave-2 completion and impulsive Wave-3 beginning)
2- 5348.55 on 10-07-2012(Sub Wave-1)
3- 5032.40 on 26-07-2012(Sub Wave-2)
4- 5815.35 on 05-10-2012(Sub Wave-3)
5- 5548.35 on 20-11-2012(Sub Wave-4)
6- 6111.80 on 29-01-2013(Sub Wave-5)
7- 61 sessions sideways trading between 5823-6111.
8- Head and Shoulders pattern formations in last 61 sessions with Neckline at 5823.
9- Neckline Broken down on 26-02-2013
Neckline of trend reversal Bearish Head and Shoulders broken down today after following negative news:-
1- US markets closed more than 1.55% to 2.22% down on 25-02-2013.
2- Most Asian markets closed near lowest levels with more than 1% down on 26-02-2013.
3- All European markets traded than 1.5%% weak during Indian trading hours.
4- Disappointing Railway Budget because increase in freight rates is bound to push all round inflation in the country.
A big trend reversal through 61 sessions trading range broken down today due to flood most unexpected negative news flow therefore confirmation is required yet through:-
1- 3 Sessions closing below 5823 or
2- 3% Down from 5823.
As today down moves were without as such selling formations therefore above mentioned confirmation is must for testing of following levels:-
1- 5647(200-Day EMA) because high possibility of its testing after Head and Shoulders like Bearish pattern confirmation.
2- 5548.35 because minimum whole Sub Wave-5 will retrace.
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1- 4770.35 on 04-06-2012(Corrective Wave-2 completion and impulsive Wave-3 beginning)
2- 5348.55 on 10-07-2012(Sub Wave-1)
3- 5032.40 on 26-07-2012(Sub Wave-2)
4- 5815.35 on 05-10-2012(Sub Wave-3)
5- 5548.35 on 20-11-2012(Sub Wave-4)
6- 6111.80 on 29-01-2013(Sub Wave-5)
7- 61 sessions sideways trading between 5823-6111.
8- Head and Shoulders pattern formations in last 61 sessions with Neckline at 5823.
9- Neckline Broken down on 26-02-2013
Conclusions from EOD chart analysis
Neckline of trend reversal Bearish Head and Shoulders broken down today after following negative news:-
1- US markets closed more than 1.55% to 2.22% down on 25-02-2013.
2- Most Asian markets closed near lowest levels with more than 1% down on 26-02-2013.
3- All European markets traded than 1.5%% weak during Indian trading hours.
4- Disappointing Railway Budget because increase in freight rates is bound to push all round inflation in the country.
A big trend reversal through 61 sessions trading range broken down today due to flood most unexpected negative news flow therefore confirmation is required yet through:-
1- 3 Sessions closing below 5823 or
2- 3% Down from 5823.
As today down moves were without as such selling formations therefore above mentioned confirmation is must for testing of following levels:-
1- 5647(200-Day EMA) because high possibility of its testing after Head and Shoulders like Bearish pattern confirmation.
2- 5548.35 because minimum whole Sub Wave-5 will retrace.
Most depressed sentiment today and last hope for Bulls is Union Budget on 28-02-2013.