Monday, November 3, 2014

DLF (by EOD Nov 3)


Observe the blue ascending triangle in the hour and 5min charts.
Expecting a 5wave pattern so that we will have 3-3-5 Flat Correction.
This gives possibility of going long at d3. And either exit on the top of the ascending triangle or with trailing SL travel till e3.
d3 may be around 124 and top of the blue ascending line is around 130.
and shorting around 138 (diagonal channel's top). (Note that, WR2=138)
Reference for Ascending triangle:

Monthly chart:

Sell signal in MACD is visible in the current candle.
Weekly chart:
21 and 34 SMA is giving bearish cross over in the current candle.
5min chart:
-ve divergence is seen in RSI. (This supports possible move towards d3)
60min FUT chart:
With respect to DLF Nov FUT 60 min chart,

(1) we could see a different parallel channel.
(2) till it touches the upper line of the channel, we can buy at support blue line and exit at upper channel line.
(3) FUT chart suggest possible end of wave4 is around 132.5.
(4) On Oct 14th, gap starts at: 132.20.

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