One more addendum to the BULLISH PERCENT ANALYSIS.
Out of the 40 stocks that are on the BUY signal as on 31st January, 2014, as many as 27 are in the O column, indicating more SELLERS than BUYERS. Further only 13 stocks are on a BUY signal and 13 stocks in the X column.
If you look at the Nifty it made a High of 6400 when Bullish Percent was 80, and presently is at 6090 when Bullish Percent is at 40.
Will Nifty hold the support of 6000 or we are once again looking at 5750? Only time will tell. Nifty is close to the 200 day EMA of 6000. CCI is at -133 and RSI at 33. Both indicating markets are getting oversold. If Nifty falls below 6000 then one can expect further downside.
The stock is in X column though on a SELL signal. It earlier made a Double Bottom at 27.50 and fell to 26 where it made another double bottom and took support. It has resistance at 37 and strong support at 26 and 25.50.
On the candle sticks both RSI at 24 and CCI at -181 are in oversold territory. Strong support at 25 where the 200 day EMA is placed. Any fall below this will see a big sell off. Resistance zones are 28.70-29-30.
The stock is in O column and gave a SELL signal at 118. Now it has support at 104 where it made a Triple Top earlier and at 96. Resistance is at 124-145-160.
On the candle sticks, it has resistance at 121-124-131. Support is at 102. Be mindful of this level as you can see a big sell off if it breaks 102. Presently the RSI is at 21 and CCI at 145, both in oversold territories.
The stock gave a SELL signal at 145 and presently in the O column. It made a double bottom at 150 and broke down. Support is at 145 and then at 124. Resistance is at 150 and 180.
On the candle sticks, the 5 day EMA cut the 25 day EMA from top on 22nd January, 2104. At that point the price was 165 and it fell to 145 subsequently. The RSI is 34 and CCI at -173 but both have started looking up. If the markets are good you could get a slight pull back. The stock has strong support at 129. Resistance is at 154-163.
On the PnF charts the stock is in the O column indicating more Sellers though on a BUY signal. It has support at 145-130. Resistance is at 170. The stock has been making Higher Tops and Higher Bottoms since August, 2013.
On the candle sticks, the RSI is at 64 and CCI at 44. Both are not showing clarity in direction. The stock has support at 148-144 and 133. The last support is strong. Looking at the markets one can wait and watch and BUY at the lower end.
The stock has been consolidating in this range for a long time. On the candle sticks, the stock has support at 214 and 170. The latter support should hold in a falling market. RSI is at 49 showing a slight move up, but CCI is at 60 and trending lower. One can expect some more correction in the stock. If it does not hold 214, which i feel will break, then you can get the stock at lower levels.
On the Point and Figure charts, the stock is in the X column though on a SELL signal. The stock made a double bottom at 220 and gave a SELL, but managed to pull back and touched 230.It has support at 215-195-165. Resistance will be at 245 its previous high.
This one is an excellent stock. The stock has been making consistent Higher Tops and Higher Bottoms since December 2011. A must BUY on dips. Presently in the X column and on a BUY signal. It made a double top at 740 and broke to make a new high of 827. It has support at 740- 660-620.
On the candle sticks the stock has support around 816-768-739 and 660. RSI is in overbought territory at 78 and so is CCI at 200. The CCI has begun moving lower. Expect a pull back in the price which will give excellent buying opportunities.
Sometimes charts do not work and fail, but the success rate is high. However, remember that Technical Analysis is not a science but an art. It depends how one can analyse. Personally I use the EMA.
As for the latter query on RSI, I did not understand it. Please refer this link below:
The stock has been consolidating in this range for some time now. It is in the O column on a BUY signal. It has made a Triple Bottom at 280 which is a strong support. Next support lies at 270 again a Triple Bottom which the stock will make if it breaks 280, and then at 260-235. Resistance is at 310 where earlier it has made a Double Top. This will act as a strong resistance. However, when the break out happens, it is going to be a huge break out.
On the candle sticks, support is at 236 which is the 200 day EMA. RSI is at 32 and CCI at -149. Keep a look at the CCI. Once it touches -100 you will see the stock resume its upward journey.
The stock is in the X column but on a SELL signal. The next resistance is at 84-98. It will make a triple top when the price touches 98 which is a strong resistance. Support is at 74-68.
On the candle sticks, the CCI at -88 and RSI at 37 are showing positive signs. There are chances for the stock to move up from here if CCI continues its march upwards. Support is at 79 and strong resistance at 86. If it crosses the 200 day EMA at 86 you can expect the stock to touch 98 once again.
The stock is in X column on a SELL signal. Made a double top at 132 and pulled back. Resistance is at 132 and 138 where it will make a Triple Top. If it breaks 138 a new high is in the offing. Strong support at 116 and 110. Below 110 it will turn weak as it will trade below the Bullish Support Line.
On the candle sticks it has support at 126-125-122 and 102. Fall below 102 will give a huge break down. RSI at 44 and CCI at -2 both are showing positive signs and trending up. Chances are that the stock may move up in the coming days if this trend continues.
You are always asking people to watch CCI moving to -100 which could be a buying opportunity. But can u please tell me how do you monitor that on a daily basis. Suppose I want to buy Ipca Lab or Alembic (Actually I do),where do I check CCI for today and keep updating it? I have looked at the links, but could not get much of an idea. Hope it is not a very silly question?
Here is the link to Chartink where you get the candle stick charts. Click on the above link and it will show you the chart for IPCA Labs. Go to the Left hand Top corner. Below the name of IPCA Lab you will see LOWER INDICATORS, UPPER OVERLAYS AND MOVING AVERAGES.
Click on Lower Indicators and a box will open. Below Lower Indicators you will see various indicators like RSI and Commodity Channel Index. On the left hand side of each indicator you will see a box. So if you want to see RSI below the candle stick charts you have to click the box on the left hand. On the right hand just below the MOVING AVERAGE you will see a scroll button. Scroll down and see various indicators. You can click on the box on the left hand to see which ever indicator you are interested in below the candle stick chart. Remember to press the button update chart in the Dark BLUE box where PERIOD, RANGE TYPE is mentioned alongside the MOVING AVERAGE.
Same way enter the name of the stock and press update chart.
The charts are updated every evening. Keep a book and note down the CCI levels everyday and you will have a track of it.
It gives me immense pleasure when my readers begin applying the teaching which I impart here. I always believe that it is better to TEACH FISHING RATHER THAN GIVE A FISH.
You have given a perfect analysis. Congrats!. You can add one more indicator. On the UPPER INDICATOR click on Bollinger Bands. The lower band shows a reading of 1803. It is safe to assume the stock will take support around 1800 or 1750-1800 range. It will meet resistance around 1930 the 5 day EMA or 2100 where the 200 day EMA is located. This will be a wall to break. Once it breaks this level, the stock will move up very fast.
