Nifty Future has been consolidating in a side ways range on low volume since last couple weeks. The range is narrow and rally towards 8420 and higher are been sold where has the correction towards 8390-8350 are been bought up.
Now crude Oil is trading around $98.30 & as we can see on charts, crude trying to bounce back from a ascending tradeline. This tradeline was able to hold crude downside move since june 2013. At present point the area represent 138.2% feb correction level which could act as support. Indicators showing a positive divergence which support a positive outlook for coming trading session.
Now zinc is trading around 2290 on lme & as we can see on weekly chart, there is a strong probability of an ABCD reversal pattern. If we look at daily chart , we find some reversal candlestick pattern also as well as indicators trading in over bought zone. We also witness a 261.8% feb correction just above the ABCD pattern finishing line. We probably use it as stoploss.
Here are few points i listed down as do’s and dont in the area of Technical Analysis. This could encourage the beginners in Technical Analysis to serve in a better way. Add your valid points in the comments section and here is the Cheatsheet.
Qtstalker is a user friendly Technical Analysis package for GNU/Linux (and hence other Unix-like systems). Similar to commercial wares such as Metastock, Supercharts and Tradestation. Keeps to a lean, simple design for speed, portability, and low resource usage. Because it uses a plugin model, Qtstalker can easily be extended.