We'll test this in tomorrows market.
P/S
Right now the market is in Green + 3.18
Will it be........???????? Or will it not be.....???????
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Is the Market forming a “Head & Shoulder” Pattern .?
Prince wrote:Head is visible now. Technically its 6200 point is the next resistance going to be.
Prince wrote:
Yes its profit taking. which should be the correct thing to do by a smart investor. As you said some shares are on a correction and few to be get corrected. Tell me..... whats the meaning of word "correction" ...?? Why need a correction .....?? The answer is something was "Wrong" with that entity which need a "Correction" ... isn't it..??
JKH is over valued and was under "pumping and dumping" by market players. Do you believe JKH worth 300/- a piece by any means..? In that case CTC or LLUB. Then what should be the price of COMB ..? 400/- or 500/- ???
Better consider following facts when trying to understand the market direction.
1) June, July, Aug are dull months for the CSE in known history.
2) Although the 6500 mark is broken its not natural scenario but artificially done by few Brokers and so called Market-Players.
3) Market is not healthy. Poor turnovers indicates poor sustainability.
4) Market pattern indicates a profit taking. ( Green in the morning and Red in the evening)
5) Few heavy weight stocks JKH , LLUB, CTC in a risk of "correction" where anytime a panic selling can be triggered. If happens margin accounts will get into a chain reaction of forced selling.
Prince wrote:@ slstock
Market is over heated. RSI level indicates "overbought" situation. When considering the last two occasions where market got corrected minimum 300 ASI points were brought down. So that this time also we can think of 300-400 range dip in the ASI index.
So the answer is 6000 - 6100 range
I can't help but agree with your view, TAH. Looks like that some one has got the cristal ball to predict the future.Prince wrote:i do not get it right with your forecast.....in trading based on charts we do not want to assume the market may take such and such patterns in the future..etc etc. the underline principle is Market is always right. so our assumptions,forecasts may go for six.traderathome wrote:Prince wrote:Market is trying hard to break the 6,500 mark. Understanding the firm resistance to break the 6,500 magical point, my forecast is that Market is about to form a Head & Shoulder pattern in coming 3 months and gain the momentum in AUG- 2013 to reach new heights.
if you can draw and show us.....the HnS
Sure...! My prediction is this .... we may see the next high in next September (2013)
your assumptions that in next 3 months such and such pattern would form carry no weight.....because its way off.....and do not base your trades on the assumption as it can land you with losses if youget it wrong.so i would rather wait for the pattern to complete.....
if you wanna trade on pattern look at SEYBX HnS already formed and CMP in line with the neck line...i target 15rs thats Rs 50/share when actual MP was 35rs when i said its taking the shape of HS...and to trade with care. SEYBX hit 40ish and thrown back to 37 this is the time to BUY target Rs 50/- which is still valid.
TAH
Prince wrote:Exactly correct Bond. That is one of the points me to say Market is not Healthy.
There are more than 20 shares which are undervalued but have no investor attraction. Only a few selected shares are pumped up just to maintain the market in GREEN area. I observed some odd lots were traded last few days in an attempt to move the indices Upwards. I know this situation perfectly as I have spent lot of time seated next to my Broker Buddies. When the BBs wanted to push the market with some extra points they just buy odd lots or even some times 100 shares of a particular Share to one of their innocent client's account. I'm not blaming anybody but that is part of the Market behavior or existence I would say. The real Question is do we really consider all this when we in the buying mood ? Once bought we are in such a optimistic mood where we never believe the nature of the market which is UPs & DOWNs both can happen. Actually both should be happen time to time otherwise there wont be an existence or survival for anybody.
Prince wrote:Market is Greeeeen. Wonderful. But the real quest is that whether the market can go beyond 6250-6255 point in coming three four days or not.
its like a lord kataragama..
six heads and twelve shoulders..
Thanks Prince for reminding us the HS, while you said about TOP HnS..... to fall 5800 I am seeing a BOTTOM HnS to shoot to 8200 once this current slide is over.Prince wrote:Two Crucial Days ..!
MACD indicator in a vital point where today's trading will definitely show the markets direction. If market to be recovered soon, ASI 6250 point has to be broken by next monday. If we see a decline today and monday then its 5800-5900 will be the next level as I foretasted few weeks back.
Braking 6250 point is the only hope but it should be happened with a very vital condition.
The condition is JKH should be maintained around Rs 230- 235 levels.
smallville wrote:Budu amboo.. too many TAs..
They say, too many cooks spoil the soup.. So I reserve my comments
Prince wrote:Seems to be market is expecting positive news on ,
1) Navi-Pillais statement on SL - Human Rights
2) Participation of INDIAN prime minister for CHOGM
3) sustainability in GOLD prices
Unfortunately the market is loosing its steam day by day and my view is that the market to be tested thoroughly at 3 resistance points in coming few weeks.
1) ASI 5850
2) ASI 5650
3) ASI 5350
My personal view and the prediction is that we will see the strong resistance and the turn around only in ASI 5300-5400 levels.
I agree with slstock. Manipulation is kind of a art to collect more quantities from the panic sellers. This is what manipulators need & this is what they are currently executing . This was created artificially and no point to panic. I personally believe we can expect a sudden uptrend after this scenario. most of the time withing this week or coming September.slstock wrote:I am hoping/expecting a bounce back before 5800. Let see . ( if people keep selling well hoping won; help)Prince wrote:Seems to be market is expecting positive news on ,
1) Navi-Pillais statement on SL - Human Rights
2) Participation of INDIAN prime minister for CHOGM
3) sustainability in GOLD prices
Unfortunately the market is loosing its steam day by day and my view is that the market to be tested thoroughly at 3 resistance points in coming few weeks.
1) ASI 5850
2) ASI 5650
3) ASI 5350
My personal view and the prediction is that we will see the strong resistance and the turn around only in ASI 5300-5400 levels.
slstock wrote:I am hoping/expecting a bounce back before 5800. Let see . ( if people keep selling well hoping won; help)
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