I would like to start a series of articles in understanding about classical technical analysis indicators. First we are starting with simple 200EMA trading system where one will enter long if the candle closes above 200EMA and enter short if the candle closes below 200EMA.
SILVER MCX (2-April-2013) on daily charts seems to be trading near to Strong support zone 51300-51100, As SILVER today has a faced major Correction, Some Relief Rally is likely and Risk and Reward Ration on initiating a Long Position at current Levels will be favorable.
Now mcx crude is trading around 5040 ($92.90) & as we can see on charts crude is facing a minor resistance around $93 which also represent the 38.2% feb correction level if last descending wave
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.
Hexaware on the weekly chart had broken below the trendline and a Close Below 77.50 Will Create Selling and Stock is Likely come down to 72-70 and 62-63.
USDINR - 4 hourly chart is shown with 13-13 period Wilders Moving average channel offset trading system. Ruppee Continues with the buy signal since 8th Nov 2011 on the chart with the 4 hourly support coming around Rs. 51.7.
Nifty trending in downward channel both short term and long term. It is just in last few minutes before end of the day that Nifty gave unexpected move. These kind of moves for few minutes, I don't confirm this as a good rally. It wont change our technicals as well.
Gold has been trading in a narrow range since November. It just oscillates between 1000 point range of 28300 to 29300. At the same time it is giving a ascending triangular pattern which is mostly a bullish signal for further up-move.
Nifty opened negative in the morning and continued to play in the range of 4750 to 4850 since 3 sessions. Good for option-writers who started to eat premium as they are high in the beginning of the series. FNO turnover also quite less in the last 2 sessions. Now the key support on the downside is 4740 and close above 4860 only can unfold further move upside.
BHEL is a heavily beaten stock in since 52 weeks. It has lost almost 50% in one year. Now trading at 298. It is very difficult to digest these kind of moves in a stock which is one of the major movers in Nifty-50.
USDINR 4 hourly chart is shown with 13-13 period Wilders Moving average. There is buy signal on the chart since 9th November as the candle closes above the upper channel Rs49.33 of the 13-13 Wilders moving average channel since then there is a strong uptrend(Weaker Currency). Now the current supports are near Rs49.0. Closing below Rs.49 could offer shorting opportunity in USDINR.