Blog Posts - Overbought



WTI and Brent Crude Oil charts: bulls run amok as OPEC and non-OPEC countries agree to cut crude production from Jan '17

WTI Crude Oil chartThe daily bar chart pattern of WTI Crude Oil had formed a 'reversal day' bar (higher high, lower close) on Nov 22. That triggered a correction below all three EMAs into bear territory.On Nov 30, oil's price bounced up wit...

S&P 500 and FTSE 100 charts (Dec 09 '16): bulls rule once again

S&P 500 index chart patternThe following were the concluding comments in last week's post on the daily bar chart pattern of S&P 500: "Some more correction to test support from the rising 20 day EMA can't be ruled out. However, the index shoul...

S&P 500 and FTSE 100 charts (Dec 02 '16): brief corrections find some support

S&P 500 index chart patternFormation of a 'rising wedge' pattern and overbought technical indicators in last week's post on the daily bar chart pattern of S&P 500 triggered a small correction.Note that after the break out and close below the...

BSE Sensex and NSE Nifty charts (Sep 02, 2016): bulls regain control

Bulls regained control during the week's trading as FIIs and DIIs combined forces. Their total net buying in equities was worth Rs 3250 Crores, as per provisional figures. DII's bought shares worth nearly Rs 1800 Crores; FIIs bought shares worth...

BSE Sensex and NSE Nifty charts (Aug 26, 2016): bears wrest advantage

FIIs turned net sellers of equity worth Rs 370 Crores during the week, possibly on concerns about a possible interest rate hike by the US Fed. However, they were net buyers of equity worth Rs 340 Crores on Fri. Aug 26.DIIs were also net sellers of eq...

S&P 500 and FTSE 100 charts (Aug 19 '16): post-Brexit bull rallies take a pause

S&P 500 index chart patternThe daily bar chart pattern of S&P 500 continued with its previous week's sideways consolidation - touching a new high of 2194 on Mon. Aug 15 and a low of 2168 on Wed. Aug 17 before closing flat for the week.The ris...

BSE Sensex and NSE Nifty charts (Aug 19, 2016): bulls and bears locked in a stalemate

Neither bulls nor bears were able to gain much advantage during a holiday-shortened trading week. FIIs were net buyers of equity worth Rs 1250 Crores, as per provisional figures. DIIs were net sellers of equity worth a little more than Rs 100 Crores.

S&P 500 and FTSE 100 charts (Aug 12 '16): bulls take total control

S&P 500 index chart patternThe daily bar chart pattern of S&P 500 consolidated within a narrow range during the week - touching a low of 2172 on Aug 10 and a new lifetime high of 2188 the following day.Though the index barely gained a po...

S&P 500 and FTSE 100 charts (Aug 05 '16): rise to lifetime highs

S&P 500 index chart patternThe daily bar chart pattern of S&P 500 broke downwards from the previous two weeks' consolidation zone to touch a low of 2148 on Aug 2, but bounced up after receiving good support from its rising 20 day EMA.Str...

BSE Sensex and NSE Nifty charts (Aug 05, 2016): bulls fight off a bear attack

FIIs were net buyers of equity worth Rs 2800 Crores during the first trading week of Aug '16. DIIs were net sellers of equity worth Rs 1500 Crores, as per provisional figures, but were net buyers on Fri. Aug 5 - enabling both Sensex and Nifty to clos...

Nifty chart: a midweek technical update (Jul 27 '16)

FIIs have been on a buying frenzy during F&O expiry week. Their net buying in equities crossed Rs 1950 Crores in 3 days, as per provisional figures. DIIs were net sellers of equity worth Rs 640 Crores.Nifty broke out upwards from a consolidation...

S&P 500 and FTSE 100 charts (Jul 22 '16): consolidating after sharp rallies

S&P 500 index chartNegative divergences and overbought conditions of technical indicators in last week's post on the daily bar chart pattern of S&P 500 had hinted at a pause in the bull rally.The index consolidated within a narrow range...

BSE Sensex and NSE Nifty charts (Jul 22, 2016): consolidating, with slight advantage for bears

FIIs continued in 'buy mode' during the week. Their net buying in equities exceeded Rs 2200 Crores, as per provisional figures. DIIs were net sellers of equity worth Rs 1600 Crores. Sensex closed marginally lower, while Nifty closed flat fo...

Nifty chart: a midweek update (Jul 20 '16)

Road construction companies have reasons to rejoice. NHAI Chairman announced yesterday that 10,000 KM of roads and national highways projects will be awarded for physical construction during FY 2016-17.Government's capital infusion of Rs 23,000 Crore...

Gold and Silver charts: correcting after sharp BrExit rallies

Gold chart patternThe daily bar chart pattern of Gold formed a small 'double top' reversal pattern just below 1380, and started a correction that is receiving support from its 20 day EMA and the 1320 level.All three EMAs are rising, and gold's p...

S&P 500 and FTSE 100 charts (Jul 15 '16) - bulls make merry after casting aside BrExit fears

S&P 500 index chartThe daily bar chart pattern of S&P 500 brushed aside all bearish concerns and climbed to touch a lifetime high of 2169 on Fri. Jul 15, but formed a small 'reversal day' bar that can temporarily halt the bullish surge.N...

BSE Sensex and NSE Nifty charts (Jul 15, 2016): bearish patterns may trigger corrections

FIIs were net buyers of equity worth almost Rs 3900 Crores during the week - slightly less than their entire net buying during Jun '16. As per provisional figures, DIIs were net sellers of equity worth Rs 3050 Crores - more than their entire net...

Nifty chart: a midweek update (Jul 13 '16)

There was good and bad news on the economic front. First, the good. IIP number for May '16  was 1.2% against -0.8% for Apr '16. It was only the second month of industrial growth during the past 6 months.However, CPI inflation for Jun '16 was sli...

WTI and Brent Crude Oil charts: bulls reluctantly yield ground as bears dominate

WTI Crude Oil chartThe following comment appeared in the previous post on the daily bar chart pattern of WTI Crude Oil: "All three daily technical indicators are looking bearish and showing downward momentum - hinting at some more correction."Oil's p...

Gold and Silver charts: surge ahead on BrExit tailwind

Gold chart patternThe daily bar chart pattern of Gold had formed a 'reversal day' bar on Jun 16 with good volume support. That had triggered a correction that found support from the rising 50 day EMA on Jun 23.The unexpected result of the BrExit...


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