spinning top followed by shooting star with bearish engulfing candle is extremely bearish set up in overbought zone …let us see will bears dominate today or not ? eod chart is showing that many indicators are supporting bears …
Definition of ‘Spinning Top’
A type of candlestick formation where the real body is small despite a wide range of price movement throughout the trading day. This candle is often regarded as neutral and used to signal indecision about the future direction of the underlying asset. If a spinning top formation is found after a prolonged uptrend, it suggests that the bulls are losing interest in the stock and that a reversal may be in the cards. On the other hand, if this formation is found in an defined downtrend, it suggests that the sellers are losing conviction and that a bottom may be forming.
‘Bearish Engulfing Pattern’
A chart pattern that consists of a small white candlestick with short shadows or tails followed by a large black candlestick that eclipses or “engulfs” the small white one. As implied by its name, a bearish engulfing pattern may provide an indication of a future bearish trend. This type of pattern usually accompanies an uptrend in a security, possibly signaling a peak or slowdown in its advancement. However, whenever a trader analyzes any candlestick pattern, it’s important for him or her, before making any decisions, to consider the prices of the days that precede and follow the formation of the pattern.
Flat to positive opening is expected. with possibility of profit booking at higher levels and once if it will started we may see nifty below 6100 today
Trade in nifty futures as per these levels .
Buy at / above: 6202 Targets: 6219 – 6238 – 6258 – 6279
Stoploss : 6182
Sell at / below: 6182 Targets: 6164 – 6142 – 6122 – 6107-6056
Stoploss : 6202
FIIs were net buyers of 753 Cr on 20 May in eq segment.
book little-little if trading in tight range but do not book small gains if trend is there ..karo ziadah ka irada if market is trading in trend …if you are able to decide or confirm about trend and range then ok but if unable to spot all this just start learning with us…join dhanvarsha online trading and prediction course …you will easily learn how to trade in positive way …
Ghar baithe money making ….earn on your trades …trade with discipline …
yesterday silver buy call gained 100% on capital used.
moved above 2000 points from days low. and we have asked to buy it .
WD Gann “ 22nd to 23rd and 29th to 31st – very important dates for change in trend; watch for stocks that will make top around this date ” so trade wisely .
NIFTY OUTLOOK AND TRADING LEVELS FOR 21 MAY 2013