Blog Posts - Reversal Day



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...

Nifty chart: a midweek technical update (Dec 07 '16)

FIIs were net sellers of equity on Mon. Dec 5, while DIIs were net buyers. The roles reversed during the next two days, as FIIs turned net buyers and DIIs became net sellers. For the three days, FII net buying was worth only Rs 0.38 Billion and DII n...

Sensex, Nifty charts: bulls and bears struggle for domination (Dec 02, 2016)

As per provisional figures, FIIs were net sellers of equity worth Rs 31.8 Billion while DIIs were net buyers of equity worth Rs 22.6 Billion. Both Sensex and Nifty closed 0.3% lower for the week.India's GDP growth touched 7.3% in Q2 (Sep '16) against...

Is this a good time to enter SBI stock? - a technical update

The previous technical update to the stock chart pattern of State Bank of India (posted on Apr 2013) contained a bearish view for the following two reasons:(1) formation of a head-and-shoulders reversal pattern with a downward target of 155 (adjusted...

WTI and Brent Crude Oil charts: end of short-squeeze rallies?

WTI Crude Oil chartThe 'V' shaped rally on the daily chart pattern of WTI Crude Oil surged past the 49 level before correcting and closing below 47.50. Shorts got squeezed after OPEC's announcement of a meeting in end-Sept. '16 to discuss a...

Stock Chart Pattern - Great Eastern Shipping (an update)

These were introductory comments in the previous post on Great Eastern Shipping 7 years ago: "Fundamentally strong, with very good profit margins, strong cash flows from operations, low P/E ratio, regular dividends - all the hallmarks of a stock that...

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...

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...

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...

Gold and Silver charts: an update

Gold chart patternThe daily bar chart pattern of Gold rallied sharply above its three EMAs and touched an intra-day high of 1320 (a level last touched in Aug '14) on Thu. Jun 16. However, it formed a 'reversal day' bar (higher high, lo...

WTI and Brent Crude Oil charts: golden crosses technically confirm bull markets

WTI Crude Oil chartThe daily bar chart pattern of WTI Crude Oil continued its strong rally from the Feb '16 low of 26 - nearly doubling in price by touching an intraday high of 51.67 on Jun 9.However, oil's price formed  'reversal day' bar...

Stock Index Chart Patterns: S&P 500 and FTSE 100 - Jun 03, 2016

S&P 500 index chartIn a holiday-curtailed trading week, the daily bar chart pattern of S&P 500 consolidated sideways within a 20 points range - touching a lower top of 2105 on Jun 2 and ending absolutely flat on a weekly closing basis.Al...

Nifty chart: a midweek update (Jun 01 '16)

For the month of May 2016, FIIs were net sellers of equity worth less than Rs 200 Crores, as per provisional figures. DIIs were net buyers of equity worth an impressive Rs 7100 Crores. Nifty gained more than 300 points (about 4%) on a monthly closing...

WTI and Brent Crude Oil charts: an update

WTI Crude Oil chartThe daily bar chart pattern of WTI Crude Oil received good support from its rising 20 day EMA and rallied to a new high if 49.50 on Wed. May 18, but formed a 'reversal day' bar (higher high, lower close) and slipped down.Note...

Nifty chart: a midweek update (May 18 '16)

FIIs were net sellers of equity worth Rs 550 Crores during the first three days of this week. DIIs were net buyers of equity worth Rs 500 Crores, as per provisional figures.After 17 straight months of contraction, WPI inflation moved up to 0.34% in A...

Gold and Silver charts: an update

Gold chart patternIn the previous post, bearish technical patterns, e.g. a 'shooting star' candlestick and negative divergences visible on the daily chart pattern of Gold had led to the following remarks:"A pullback towards the top of the 'symme...

Stock Index Chart Patterns: S&P 500 and FTSE 100 - May 13, 2016

S&P 500 index chartThe following comments appeared in last week's post on the daily bar chart pattern of S&P 500: "An upward bounce is possible from current level. Bears may use it to sell again."The index did bounce up above the 2080 level i...

WTI and Brent Crude Oil charts: bears spoil the bull party

WTI Crude Oil chartThe daily bar chart pattern of WTI Crude Oil seemed to defy fundamentals and technicals as it continued its rally - giving a huge 20 points (77%) gain in 3 months from the Feb '16 low of 26.Oil's price has traded above its 200...


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