Okay -- my wishful thinking for the markets to go down did not work so like a good Indian -- I changed from being a bear to a bull. ;-)
The results - have wound up with some losses but overall in green. I now am long in maruti and Reliance petro. The reliance petro was trying to show signs of a strong breakout had it ended above 188 so took a plunge. It finally ended 187.25 and the breakout did never happen. Infact the RPL and Maruti both have made a black candlestick How I got impulsive I will never know. So for now it is just a long wait and watch for trading on tuesday.
By the way I have not tracked RPL and would really appreciate if anyone who tracks this stock can throw some light.
Cheema
Saturday, May 17, 2008
Mauja Hi Mauja
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8 comments:
Reliance Petro looks extremely weak per my force index calculations. Can reverse anytime
I agree Uma and I am in thick Sh*t. I will have to sell it early in the day enough. the way the TV news is going blah, blah, blah -- we may see a massive sell off.
cheema, fear not. in current situation there are no clear winners/losers. In fact bulls have an upper hand.
so ya managed to put adsense on ur blog, great!
thanks to you Uma
Cheema, thanks for your visit to my blog and for the comment.
I am very much long on RPL :)
To me , chart of RPL shows bullishness.
Since 24th March RPL has been moving upward ,from 149, without any significant decline. On 29th April it crossed the level of 200 with significant force (longest white candle since 1st April when it showed same thrust , required to break out the level of 165).
Thereafter, from 30th April it started declining gradually with little loss everyday, implying the stiff resistance from both the side (we know it was over all market sentiments). Finally it was slided significantly on 9th may.
But that was all from bear's side, the next day was inclusive as it created a cross on the chart. Thereafter it has moved up and on the last day it has declined, failing to touch 190 and as correctly pointed by Uma, in process to generate evening star.
My conclusion is based on the following indicators.
Through out , since March 18, CMF is showing accumulation at greater or lesser extent (with exception 2-3 dips)and accumulation indicator remained on during the recent fall also. MACD was definately showing negative divergence and went into negative territory on 9th May. But now it is showing positive divergence and RSI is also moving up.
Now lets see what Tuesday holds :)
great analysis, jv
Today rpl tried to break the hard support 185.50 but fails to knock the support. So i entered long in rpl and expecting a breakout above 188 can take to 200 levels once again. What is your view cheema.
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