Technical Analysis of Indian Equities by Nooresh

TV 18 Broadcast – A stiff resistance at 40-42

TV18

TV 18 Technical View

  • For the last 2 years or more the stock has made 4 attempts at the resistance of 40-42.
  • A cup and handle formation can be clearly seen.
  • Lower trendline support did hold up well.
  • A break beyond 40-42 can trigger a fresh uptrend.
  • Cup size is almost 20 points.
  • This also looks like a good rounding bottom formation.
  • One can bet right away on the breakout with some risk involved or wait for a confirmation of a breakout.

The stock was recently advised in Technical Traders Club and Big Value 2.0 at 30-33 levels as a delivery pick.

The chart was as below.

TV 18 - TT Club

Disclosure : I do come on CNBC TV 18 once in a while as a guest analyst.

 

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Nooresh Merani

Securities covered above:: TV 18

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{ 6 comments… add one }
  • Sarnendu July 4, 2015, 16:43

    Great WESTERN CLASSIC CHART-PATTERN Technical Analysis report. But unless its a trade-pick for Intraday or max. 2 days holding MOMEMTUM trading pick …………..for SWING / TREND-FOLLOWING trading we need TREND confirmation by MULTI TIME-FRAME chart pattern analysis; i.e. If we are Trading DAILY chart-pattern, then Trend confirmation should also be accompanied by WEEKLY TIME-FRAME chart pattern. So please try to come out with MULTI TIME-FRAME chart pattern analysis reports for high probability SWING / TREND-FOLLOWING trade picks.

    Reply
    • Nooresh July 6, 2015, 11:05

      Hi Sarnendu,

      Multi Time Frame is a construct made to complicate. Like this jargon – Western Classic Chart Pattern

      Price data comes to you in Daily Formmat. Is a closing price on Friday more important or monday/tuesday ?

      Rethink on what you have mentioned and be flexible.

      Reply
  • Sarnendu July 6, 2015, 16:46

    Do you intend to say that we if we are trading on some pattern on DAILY time-frame, we don’t need to bother about whether WEEKLY timeframe trend is supporting or contradicting the trend shown on DAILY timeframe ?

    Reply
    • Nooresh July 8, 2015, 05:39

      What is the difference between a Daily Timeframe and Weekly Time frame.
      If you breakout on Tuesday will you wait for a Friday closing to decide ?

      Reply
      • Sarnendu July 8, 2015, 06:01

        I will consider it a good trade-pick to trade on DAILY timeframe Tuesday breakout, only if WEEKLY timeframe chart till previous Friday is not in contradiction trend; i.e. it must be atleast sideways, if not uptrend.

        …& stay with the trade if forthcoming Friday close doesn’t shifts the WEEKLY timeframe trend from sideways or Uptrend to Downtrend;

        This is what suggested in Alexander Elder’s book ‘Come into my Trading Room’ chapter-6 TRIPLE SCREEN update. Multi time-frame analysis provides us additional tool of prompt decision specially for Trend-following trade picks with little higher efficiency compared to Technical Oscillators / Momentum Indicators.

        But ignoring all these ..if you have succeeded in developing a Trading System on Single Timeframe analysis with around 60% hits, then that in itself a great feed !

        Reply
        • Nooresh July 8, 2015, 06:07

          That is too much of theory sir.
          I like to keep it simple and focus on risk rewards.
          Cheers best of luck

          Reply

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