Monday, July 16, 2012

Island Reversal ???

>>>Nifty<<<


>>> Click the Chart to see in full screen <<<


Nifty touched the important Suport of 5190, almost ready to enter the Gap left between 5160-5190. If there is a gap down tomorrow below 5160 it can be an Island Reversal which may be a confirmation of Bearish Reversal unless the Gap left is filled in short span of time.

See the Below Example of How Nifty will behave in case of a Gap down as Island Reversal


>>>Bank Nifty<<<


>>> Click the Chart to see in full screen <<<


As I wrote on Friday Bank Nifty gave a Bearish Break down - It seems Bank Nifty has completed Sw(b) or sw(2) and may fall below the trend line as marked on chart for sw(3) or (c).

A fall is confirmed Once the Trend line gets broken as on chart.

>>>Weekly Bank Nifty<<<


Attached is the Weekly Bank Nifty Chart. A Grave Stone Doji formed on the Upper Bank of the BB is a Sell Signal and so a fall can not be Ignored from current level.

Cheers!!!