There are three bearish patterns in Mcx- Copper.
1) 4 weeks Symmetrical Triangle. Trade short on rise with stop loss of 416 for target of 397.
2) 5 weeks Double Top, neckline at 393.
3) Completion of retracement from 455 to 366, will form double bottom near 375 to 365.
Saturday, July 27, 2013
Thursday, July 25, 2013
USD INR
It has Breakout of 4 weeks Head and Shoulders - Top Pattern by closing below neckline at 58.96. Trade Short with stop loss of 59.35 for target of 58.05 and 57.55.
L & T Bearish
It has Breakout of 14 weeks Head and Shoulders - Top Pattern, which has neckline at 900 and support line at 875. Trade Short on rise with stop loss of 901 for pattern target of 754.
Monday, July 22, 2013
Nifty
It is in the formation of right shoulder of 15 weeks Head and Shoulders - Top pattern. And 3 weeks Ascending Wedge, which is bearish pattern. Important level to watch 5970, 6070 and 6120. If Nifty close below 6000-5970 than can go to 5850, 5750 and 5550. H&S neckline is at 5548, below it 5150 is possible.
Bank Nifty
It has close below 4 weeks Flag pattern. Trade short on rise with stoploss 11200-11300 for target of 10500 and 9900.
Wednesday, July 17, 2013
Nickel
It is on the verge of breakout of 10 weeks Head and Shoulders - Top Pattern. Neckline is at 810. If it close below 810 on friday, one can trade short with stoploss of 828 for target of 765 and 710.
Thursday, July 11, 2013
L & T
It has penetrated the neck line of 4 weeks Head and Shoulders -bottom pattern at 971 in intraday today, but has close below it. Trade long if it close above 971 with stop loss of 952 for target of 1020-1031.
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