Nifty has been moving in an upward moving channel , if the lower trendline is broken with good volumes it could take nifty to 5180.
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Mam,
ReplyDeleteCan you please explain how did you arrive at 5180. I am in the learning process.
veer
Hi veer,
ReplyDeletetarget is equal to the difference between upper trendline and lower trendline.
Good work...Renu.Ur target on TVS Motors is approaching.
ReplyDeleteThanks & Regards
Renu, if you take the pivot point as 5302 then, S1 wil be different than 5180. Could you explain how you calculated the upper trendline?
ReplyDeleteHi manish,
ReplyDeleteI could not understand what you are trying to say,as far as calculating upper trend line is concerned it is not a rocket science ,simply see where the point are touching the line and calculate the distance from that point to lower trendline, i hope this helps.
Renu, when you draw a trendline, sometimes, you are drawing from the candle body and sometimes from the wick(high). Is it allowable?
ReplyDeleteLook at the ascending triangle top line, you have drawn it joining the bodies and not the highs made. Will it make any difference, are there chances, that it will reach the previous high and turn back?
It is safe to consider me as a newbie while replying.
Hi veng,
ReplyDeleteI had same confusion as your,s regarding drawing trendlines from candle body or wick high........and asked few people and they said one could draw trendline from either of two points.