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There is a ’strong piercing pattern’ on the weekly chart below. It is a bullish sign though candlestick patterns always require confirmation from the next unfolding pattern. However, there are also some positive divergence on momentum indicators and the trading volume was also noticable towards the close of the week.
On the daily chart below [...]
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This index was rising with lesser conviction since march and finally the uptrend has ended up with a head and shoulders pattern. Overall, the outlook is not very positive for the short term. Medium term is also under threat because of negative divergence in momentum indicators. A close below 7960 would confim further decline [...]
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S&P500 : The short term uptrend in this index seems to be over. Momentum oscillators are almost into the negative territory that no fresh short-term long positions would be advised in such a scenario. However, it would be too early for Medium to Long term investors to throw in the towel.
Immediate strong support for [...]
FTSE100 could not manage to surpass its resistance zone at 4520 area and has started drifting down. So far the uptrend is not threatened until its holding above 4110 -watch out! But the picture on short to long term charts is not very encouraging. Even yesterday it formed a big bearish [...]
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Bombay Stock Exchange or BSE Sensex is currently struggling with lot of speculation about the economic policy of the new government. But there is no sense of any negativity, rather enthusiasm after the left has been left out. But still there are so many things the Indian economy has yet to grapple with.
Yesterday, the [...]
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China stock markets are trending up consistently in a bull trend manner. It has also surpassed its 52week high though technically, it has yet to confirm if it is back into the bull mode or not. For that it would have to give a sustainable close above the horizontal red line given at 3368 [...]
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Given below is the monthly chart of Nikkei225 for the month of June 2009. So far it has recovered only 28% from its January low of 7000. It is not a great achievement in comparison to its other asian peers.
Chart: Quote.com
Two red horizontal lines given at 8957 and 11312 respectively are the two levels [...]
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This is just another rough sketch that one of the wave following investors could be drawing in the mind.
33 percent investment between green line and the given 50% mark on the chart (50% of the wave A to B).
Another 33 percent beyond the green line on either side. But this investor seems to be a [...]
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Following is the envisaged wave count for all the major stock markets. This should give a broader picture of what could happen over the Medium and Long term. (Short term trend followers may delve into more elaborate details in short term charts).
There could always be some unanswered questions while following wave patterns, but they are [...]
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