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W pattern on Nifty daily chart.

Discussion in 'Technical Analysis' started by deepak, Sep 3, 2013.

  1. deepak

    deepak New Member

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    Hi Shabbir,

    Can we go long on nifty, I noticed W patter on daily chart, MACD and RSI also showing up move.

    Please can you give us your comments.

    Please take a look at the attached screenshot

    Cheers
    Deepak

    [​IMG]
     
    Last edited: Sep 3, 2013
    deepak, Sep 3, 2013
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  2. shabbir

    shabbir Administrator Staff Member

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    Yes but then it could be long trap and so try to have a strict target and stop loss as well.

    W is definitely ON and there is chance of Nifty hitting 5750 or there about and so target of 20 to 30 points below that just is round the corner but then ROI on this trade is very steep because stop loss is 5250 which is 300 points down and target of only 180 points and so I would not bet on this one.
     
    shabbir, Sep 3, 2013
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  3. deepak

    deepak New Member

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    Hi Shabbir,

    Thank you very much for your comment. It is very helpful to understand ROI.

    Regards
    Deepak
     
    deepak, Sep 4, 2013
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  4. shabbir

    shabbir Administrator Staff Member

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    The pleasure is all mine Deepak
     
    shabbir, Sep 4, 2013
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