final technical analysis

7/31/2019 Final Technical Analysis

1/104

TECHNICAL ANALYSIS

1

PROJECT REPORT

ON

TECHNICAL ANALYSIS IN ARYAN SECURITIES LTD

(A STUDY ON SELECTED STOCKS)

A project report submitted in partial fulfillment of the requirement for the

award of

Masters Degree in Financial Analysis and Management

University of Mysore

Mysore

Submitted by

Ashwini. H

Reg. No. CM310004

MFAM, IV Semester

Under the guidance of

Dr. B.NAGARAJU M.Com., Ph.D

Associate Professor

DOS in commerce

Manasagangothri, University of Mysore

Mysore

May 2012


2/104

TECHNICAL ANALYSIS

2

UNIVERSITY OF MYSORE

Department Studies in Commerce

Manasagangothri,Mysore-06

Dr. G. Kotreshwar, M.Com., Ph.d.,

Professor and Chairman May 2012

This is to certify that Ms. ASHWINI.H is a bonafide student of IV

semester, MFAM program of this department. This project report titled

TECHNICAL ANALYSIS IN ARYAN SECURITIES LTD: A STUDY

ON SELECTED STOCKS has been prepared by her, in partial fulfillment

of the requirements ofMFAM program of university of Mysore.

(Dr. G. Kotreshwar)


3/104

TECHNICAL ANALYSIS

3

UNIVERSITY OF MYSORE

Department Studies in Commerce

Manasagangothri,Mysore-06

Dr. Nagaraju

Associate Professor May 2012

CERTIFICATE

This is to certify that the project titled TECHNICAL ANALYSIS IN

ARYAN SECURITIES LTD: A STUDY ON SELECTED STOCKS

submitted to the university of Mysore in partial fulfillment of the

requirements for the award of Masters Degree in financial analysis and

management. This report is a record of the original work done by Ms.

Ashwini.H, under my supervision and guidance and that this project work has

not formed the basis for the award of any degree / diploma / associateship /

fellowship or similar title of this university or any other university.

Dr. B.NAGARAJU


4/104

TECHNICAL ANALYSIS

4

DECLARATION

I ASHWINI.H hereby declare that the project entitled TECHNICAL

ANALYSIS IN ARYAN SECURITIES LTD: A STUDY ON SELECTED

STOCKS is prepared by me during the academic year 2011-2012 under the

guidance and supervision of Dr. B. NAGARAJU, Associate professor

Department of studies in commerce, Manasagangothri, university of Mysore,

in partial fulfillment for the award of masters degree in financial analysis and

management [MFAM] from the University of Mysore, Mysore.

Further, I extend my declaration that this project report has not been

presented to any other institute or university for the award of any other

degree, diploma, fellowship or any other similar titles or prizes.

Place: Mysore

Date: May 2012

Reg. No: COM310004 (ASHWINI.H)


5/104

TECHNICAL ANALYSIS

5

ACKNOWLEDGEMENT

This project could not have been completed without the help, guidance,

suggestions and encouragement of many. I will be failing in my duty if I do

not mention the name of few.

I am extremely grateful to my project guide Dr. B.NAGARAJU, Associate

professor, DOS in commerce, Manasagangothri, university of Mysore, for

this timely and periodical advice, and constant encouragement.

I would like to express my sincere gratitude to Dr. G.KOTRESHWAR,

professor and chairman, department of studies in commerce,Manasagangothri, University of Mysore, for providing me with an

opportunity to undertake this project.

It gives me immense pleasure to express my sincere hanks and profound

sense of gratitude to all the faculty members of DOS in commerce,

University of Mysore, for their much appreciated support and guidance.

I express my sincere thanks to Mr. B.S.SHRIKANTH, Zonal Manager &

Mr. K.R. SOMASHEKAR Branch ManagerofARYAN SHARE AND STOCKBROKERS LIMITED, MYSORE, and his staff for providing the

valuableguidance and encouragementthroughout the completion of

this project and assisting me to bring out this report successfully.

I thank my family members and my friend for their continuous co

operation during my studies.

Last but not least this project would not have been competed withoutthe grace of almighty god.

Place: MYSORE

Date: May 2012 ASHWINI.H


6/104

TECHNICAL ANALYSIS

6

SL NO. CONTENTSPAGE

NO.

Chapter I Introduction

Chapter 2 Review of Literature

Chapter 3 Company profile

Chapter 4 Industry profile

Chapter 5Analysis and

Interpretation

Chapter 6Summary And

conclusion

Bibliography


7/104

TECHNICAL ANALYSIS

7

CHAPTER - 1

INTRODUTION

Prices of security in the stock market fluctuate daily on account of

continuous buying and selling. Stock price movie in trends and cycle and are

never stable. An investor in the stock market is interested in buying securities

at low price and selling them at a high price so as to get a good return on his

investment. I would advocate every player who has some interest in stock

should have a working knowledge of technical analysis. Going by the maxim

of knowledge of power, technical studies provided handy tools akin to

versatile Swiss army knife to all players.

Technical analysis is the examination of past price movement of

forecasting future price movement. This theory is applicable to stocks,

indices, or any tradable instrument where the price is influenced by the force

of demand and supply. Price of share is influenced by the many factors. The

volatility in the share price takes please based on speculation and over

sensitiveness and reaction among the investors.

The objectives of project is conduct the technical analysis of stock of

major banking sector, to know the impact of banking stocks and know how

various tools of technical analysis tools used in predicting the future stock

price.

PROBLEM STATEMENT

The above study is undertaken to compare the selected technical

analysis tools available for forecasting. The study tries to capture the

contradicting views of different tools used in technical analysis. This study is

aims to exploration of the topic TECHNICAL ANALYSIS AND ITS

RELEVANCE.


8/104

TECHNICAL ANALYSIS

8

Technical analysis is one of tools used to analysis stocks to make

decisions (buy, hold and sell) but, technical analysis alone cannot prove to be

device. So, it can be used as a supplement to fundamental analysis.

Technical analysis is very important to invest smartly. Every investor

would like to have handful information to decide:

On what type of security to invest? When it should be bought? When it should be sold? Whether to hold the security?

The basic idea behind the research is to make buy, hold and sell

decisions of stocks. To make this decision one should have sound

information base. The increasing trend towards complexity in investment

decisions calls for security analysis.

OBJECTIVE OF THE STUDY

The objectives of the study are stated as under:-

To learn when to buy, sell and hold the securities. A sample of four istaken for this purpose.

To analyze the recent pattern of price movement and help investor tomake profits.

To know the method of calculating the various technical indicators andto interpret it.

To understand the repetitive trends which reappear in the course oftime.

To analyze the pattern of price

SCOPE OF THE STUDY


9/104

TECHNICAL ANALYSIS

9

Technical analysis of market data has long been a pervasive activity in

both security and future markets. Technical analyst believe that price and

volume data provide indicators of future price movements, and that by

examining these data, information may be extracted on the fundamentals

driving returns. If markets are efficient in the sense that the current price

impounds all information then such activity is clearly pointless. But if the

process by which prices adjust to information is not immediate, then the

market statistics may impound information that is not yet incorporated in to

the current market price.

1. The study mainly focuses on guiding the investors in makingdecisions (buy, hold or sell) by determine the value of the stocks

through technical analysis.

2. The analysis has been done on five stocks of IT companies listed atNational stock exchange and Bombay stock exchange.

3. Out of various tools of technical analysis only three such tools areused in this study.

4. To help the investor in making decisions based on report.5. Helps to identify trend reversal at an earlier stage to formulate the

buying and selling strategy.


10/104

TECHNICAL ANALYSIS

10

RESEARCH METHODOLOGY

The type of research design adopted here is both exploratory and

descriptive. This project seeks to describe technical analysis and the

procedure adopted in conducting it.

Technical tools used for the study are

CHARTS:-

1. Line charts.

2. Candle stick.

INDICATORS:-

1. Moving average convergence and divergence (MACD).2. Relative strength index.3. Rate Of Change method.

DATA RESOURCES:-

The study comprises of data collection from primary and secondary

sources. The relevant data were collected from the branch office and from

other well know publications and NSE websites. Analysis of these data has

been done after consulting with various technical analysts and stock market

traders.

SECONDARY DATA:-

The data collected for the research purpose are secondary data. Index prices

were collected through National Stock Exchange website and through

prowess website.

It includes data collected from the following

1. The data regarding index share price was also taken from website:www.nseindia.com.

www.yahoofinance.comindiawww.stockcharts.com
http://www.nseindia.com/http://www.nseindia.com/http://www.yahoofinance.comindia/http://www.yahoofinance.comindia/http://www.stockcharts.com/http://www.stockcharts.com/http://www.stockcharts.com/http://www.yahoofinance.comindia/http://www.nseindia.com/


11/104

TECHNICAL ANALYSIS

11

2. text booksLIMITATIONS OF THE STUDY

The tools used for analysis are limited. Data taken as input pertains to only one year. The analysis is being done only for five companies stocks. The study is only for academic purpose only. The study is too subjective and based on historical interpretations and

may not continue with the same trend.

The conclusion made is based on my limited knowledge


12/104

TECHNICAL ANALYSIS

12

CHAPTER - 2

THEORETICAL VIEW

1.1INTRODUCTION

The methods used to analyze securities and make investment decisions

fall into two very broad categories: fundamental analysis and technical

analysis. Fundamental analysis involves analyzing the characteristics of a

company in order to estimate its value. Technical analysis takes a completely

different approach; it doesn't care one bit about the "value" of a company or a

commodity. Technicians (sometimes called chartists) are only interested in

the price movements in the market.

Despite all the fancy and exotic tools it employs, technical analysis

really just studies supply and demand in a market in an attempt to determine

what direction, or trend, will continue in the future. In other words, technical

analysis attempts to understand the emotions in the market by studying the

market itself, as opposed to its components. If you understand the benefits

and limitations of technical analysis, it can give you a new set of tools or

skills that will enable you to be a better trader or investor.

In finance, technical analysis is security analysis discipline for

forecasting the direction of prices through the study of past market data,

primarily price and volume. Behavioral economics and quantitative

analysis build on and incorporate many of the same tools of technical

analysis , which, being an aspect ofactive management, stands in

contradiction to much ofmodern portfolio theory. The efficacy of both

technical and fundamental analysis is disputed by hypothesis which states

that stock market prices are essentially unpredictable.

CHARACTERISTICS
http://www.investopedia.com/terms/f/fundamentalanalysis.asphttp://www.investopedia.com/terms/t/technicalanalysis.asphttp://www.investopedia.com/terms/t/technicalanalysis.asphttp://www.investopedia.com/terms/c/chartist.asphttp://www.investopedia.com/terms/s/supply.asphttp://www.investopedia.com/terms/d/demand.asphttp://www.investopedia.com/terms/t/trend.asphttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Security_analysishttp://en.wikipedia.org/wiki/Behavioral_economicshttp://en.wikipedia.org/wiki/Quantitative_analysis_(finance)http://en.wikipedia.org/wiki/Quantitative_analysis_(finance)http://en.wikipedia.org/wiki/Active_managementhttp://en.wikipedia.org/wiki/Modern_portfolio_theoryhttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Modern_portfolio_theoryhttp://en.wikipedia.org/wiki/Active_managementhttp://en.wikipedia.org/wiki/Quantitative_analysis_(finance)http://en.wikipedia.org/wiki/Quantitative_analysis_(finance)http://en.wikipedia.org/wiki/Behavioral_economicshttp://en.wikipedia.org/wiki/Security_analysishttp://en.wikipedia.org/wiki/Financehttp://www.investopedia.com/terms/t/trend.asphttp://www.investopedia.com/terms/d/demand.asphttp://www.investopedia.com/terms/s/supply.asphttp://www.investopedia.com/terms/c/chartist.asphttp://www.investopedia.com/terms/t/technicalanalysis.asphttp://www.investopedia.com/terms/t/technicalanalysis.asphttp://www.investopedia.com/terms/f/fundamentalanalysis.asp


13/104

TECHNICAL ANALYSIS

13

Technical analysis employs models and trading rules based on price and

volume transformations, such as the relative strength index, moving

averages, regressions, inter-market and intra-market price

correlations, business cycles, stock market cycles or, classically, through

recognition of chart patterns.

Technical analysis stands in contrast to the fundamental

analysis approach to security and stock analysis. Technical analysis analyzes

price, volume and other market information, whereas fundamental analysis

looks at the facts of the company, market, currency or commodity. Most

large brokerage, trading group, or financial institutions will typically have

both a technical analysis and fundamental analysis team.

Technical analysis is widely used among traders and financial

professionals and is very often used by active day traders, market makers and

pit traders. In the 1960s and 1970s it was widely dismissed by academics. In

a recent review, Irwin and Park reported that 56 of 95 modern studies found

that it produces positive results but noted that many of the positive results

were rendered dubious by issues such as data snooping, so that the evidence

in support of technical analysis was inconclusive; it is still considered by

many academics to be pseudoscience. Academics such asEugene Famasay

the evidence for technical analysis is sparse and is inconsistent with the weak

form of the efficient-market hypothesis. Users hold that even if technical

analysis cannot predict the future, it helps to identify trading opportunities.

In the foreign exchange markets, its use may be more widespread

than fundamental analysis. This does not mean technical analysis is more

applicable to foreign markets, but that technical analysis is more recognized

as to its efficacy there than elsewhere. While some isolated studies have

indicated that technical trading rules might lead to consistent returns in the

period prior to 1987, most academic work has focused on the nature of the
http://en.wikipedia.org/wiki/Relative_strength_indexhttp://en.wikipedia.org/wiki/Moving_averagehttp://en.wikipedia.org/wiki/Moving_averagehttp://en.wikipedia.org/wiki/Regression_analysishttp://en.wikipedia.org/wiki/Business_cyclehttp://en.wikipedia.org/wiki/Stock_market_cycleshttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Day_traderhttp://en.wikipedia.org/wiki/Data_snoopinghttp://en.wikipedia.org/wiki/Pseudosciencehttp://en.wikipedia.org/wiki/Eugene_Famahttp://en.wikipedia.org/wiki/Eugene_Famahttp://en.wikipedia.org/wiki/Eugene_Famahttp://en.wikipedia.org/wiki/Efficient-market_hypothesis#Weak-form_efficiencyhttp://en.wikipedia.org/wiki/Efficient-market_hypothesis#Weak-form_efficiencyhttp://en.wikipedia.org/wiki/Efficient-market_hypothesishttp://en.wikipedia.org/wiki/Foreign_exchange_markethttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Foreign_exchange_markethttp://en.wikipedia.org/wiki/Efficient-market_hypothesishttp://en.wikipedia.org/wiki/Efficient-market_hypothesis#Weak-form_efficiencyhttp://en.wikipedia.org/wiki/Efficient-market_hypothesis#Weak-form_efficiencyhttp://en.wikipedia.org/wiki/Eugene_Famahttp://en.wikipedia.org/wiki/Pseudosciencehttp://en.wikipedia.org/wiki/Data_snoopinghttp://en.wikipedia.org/wiki/Day_traderhttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Fundamental_analysishttp://en.wikipedia.org/wiki/Stock_market_cycleshttp://en.wikipedia.org/wiki/Business_cyclehttp://en.wikipedia.org/wiki/Regression_analysishttp://en.wikipedia.org/wiki/Moving_averagehttp://en.wikipedia.org/wiki/Moving_averagehttp://en.wikipedia.org/wiki/Relative_strength_index


14/104

TECHNICAL ANALYSIS

14

anomalous position of the foreign exchange market. It is speculated that this

anomaly is due to central bank intervention, which obviously technical

analysis is not designed to predict.]Recent research suggests that combining

various trading signals into a Combined Signal Approach may be able to

increase profitability and reduce dependence on any single rule Principles

Stock chart showing levels of support (4, 5, 6, 7, and 8) and resistance

(1, 2, and 3); levels of resistance tend to become levels of support and vice

versa.

A fundamental principle of technical analysis is that a market's price

reflects all relevant information, so their analysis looks at the history of a

security's trading pattern rather than external drivers such as economic,

fundamental and news events. Price action also tends to repeat itself because

investors collectively tend toward patterned behavior hence technicians'

focus on identifiable trends and conditions

Market action discounts everything

Based on the premise that all relevant information is already reflected

by prices, technical analysts believe it is important to understand what

investors think of that information, known and perceived.
http://en.wikipedia.org/wiki/Technical_analysis#cite_note-Neely1998-22http://en.wikipedia.org/wiki/Technical_analysis#cite_note-Neely1998-22http://en.wikipedia.org/wiki/Technical_analysis#cite_note-Neely1998-22http://en.wikipedia.org/wiki/File:Soporte-resistencia_reverseroles.jpghttp://en.wikipedia.org/wiki/File:Soporte-resistencia_reverseroles.jpghttp://en.wikipedia.org/wiki/File:Soporte-resistencia_reverseroles.jpghttp://en.wikipedia.org/wiki/File:Soporte-resistencia_reverseroles.jpghttp://en.wikipedia.org/wiki/Technical_analysis#cite_note-Neely1998-22


15/104

TECHNICAL ANALYSIS

15

Prices move in trends

Technical analysts believe that prices trend directionally, i.e., up,

down, or sideways (flat) or some combination. The basic definition of a price

trend was originally put forward by Dow Theory.

An example of a security that had an apparent trend is AOL from

November 2001 through August 2002. A technical analyst or trend follower

recognizing this trend would look for opportunities to sell this security. AOL

consistently moves downward in price. Each time the stock rose, sellers

would enter the market and sell the stock; hence the "zig-zag" movement in

the price. The series of "lower highs" and "lower lows" is a tell tale sign of a

stock in a down trend.

In other words, each time the stock moved lower, it fell below its

previous relative low price. Each time the stock moved higher, it could not

reach the level of its previous relative high price.

Note that the sequence of lower lows and lower highs did not begin

until August. Then AOL makes a low price that does not pierce the relative

low set earlier in the month. Later in the same month, the stock makes a

relative high equal to the most recent relative high. In this a technician sees

strong indications that the down trend is at least pausing and possibly ending,

and would likely stop actively selling the stock at that point.

.

History tends to repeat itself

Technical analysts believe that investors collectively repeat the

behavior of the investors that preceded them. To a technician, the emotions in

the market may be irrational, but they exist. Because investor behavior

repeats itself so often, technicians believe that recognizable (and predictable)

price patterns will develop on a chart.

Technical analysis is not limited to charting, but it always considers

price trends. For example, many technicians monitor surveys of investorsentiment. These surveys gauge the attitude of market participants,
http://en.wikipedia.org/wiki/Dow_Theoryhttp://en.wikipedia.org/wiki/Dow_Theory


16/104

TECHNICAL ANALYSIS

16

specifically whether they are bearish or bullish. Technicians use these

surveys to help determine whether a trend will continue or if a reversal could

develop; they are most likely to anticipate a change when the surveys report

extreme investor sentiment.

Surveys that show overwhelming bullishness, for example, are

evidence that an uptrend may reverse; the premise being that if most

investors are bullish they have already bought the market (anticipating higher

prices). And because most investors are bullish and invested, one assumes

that few buyers remain. This leaves more potential sellers than buyers,

despite the bullish sentiment. This suggests that prices will trend down, and is

an example ofcontrarian trading.

Recently, Kim Man Lui, Lun Hu, and Keith C.C. Chan have suggested

that there is statistical evidence of association relationships between some of

the index composite stocks whereas there is no evidence for such a

relationship between some indexes composite others. They show that the

price behavior of these Hang Seng index composite stocks is easier to

understand than that of the index.

ASSUMPTIONS OF TECHNICAL ANALYSIS

The field of technical analysis is based on three assumptions:

1. The market discounts everything.

2. Price moves in trends.

3. History tends to repeat itself.

1. The Market Discounts Everything

A major criticism of technical analysis is that it only considers price

movement, ignoring the fundamental factors of the company. However,

technical analysis assumes that, at any given time, a stock's price reflects

everything that has or could affect the company - including fundamentalfactors. Technical analysts believe that the company's fundamentals, along
http://en.wikipedia.org/wiki/Bearishhttp://en.wikipedia.org/wiki/Bullishhttp://en.wikipedia.org/wiki/Contrarian_investinghttp://en.wikipedia.org/wiki/Kim_Man_Luihttp://www.investopedia.com/terms/f/fundamentals.asphttp://www.investopedia.com/terms/f/fundamentals.asphttp://www.investopedia.com/terms/f/fundamentals.asphttp://www.investopedia.com/terms/f/fundamentals.asphttp://en.wikipedia.org/wiki/Kim_Man_Luihttp://en.wikipedia.org/wiki/Contrarian_investinghttp://en.wikipedia.org/wiki/Bullishhttp://en.wikipedia.org/wiki/Bearish


17/104

TECHNICAL ANALYSIS

17

with broader economic factors and market psychology, are all priced into the

stock, removing the need to actually consider these factors separately. This

only leaves the analysis of price movement, which technical theory views as

a product of the supply and demand for a particular stock in the market.

2. Price Moves in Trends

In technical analysis, price movements are believed to follow trends.

This means that after a trend has been established, the future price movement

is more likely to be in the same direction as the trend than to be against it.

Most technical trading strategies are based on this assumption.

3. History Tends To Repeat Itself

Another important idea in technical analysis is that history tends to

repeat itself, mainly in terms of price movement. The repetitive nature of

price movements is attributed to market psychology; in other words, market

participants tend to provide a consistent reaction to similar market stimuli

over time. Technical analysis uses chart patterns to analyze market

movements and understand trends. Although many of these charts have been

used for more than 100 years,

Types of charts

There are four main types of charts that are used by investors and

traders depending on the information that they are seeking and their

individual skill levels. The chart types are: the line chart, the bar chart, the

candlestick chart and the point and figure chart. In the following sections, we

will focus on the S&P 500 Index during the period of January 2006 through

May 2006. Notice how the data used to create the charts is the same, but the

way the data is plotted and shown in the charts is different.

1. Line Chart

The most basic of the four charts is the line chart because it representsonly the closing prices over a set period of time. The line is formed by
http://www.investopedia.com/terms/m/marketpsychology.asphttp://www.investopedia.com/terms/s/sp500.asphttp://www.investopedia.com/terms/l/linechart.asphttp://www.investopedia.com/terms/l/linechart.asphttp://www.investopedia.com/terms/s/sp500.asphttp://www.investopedia.com/terms/m/marketpsychology.asp


18/104

TECHNICAL ANALYSIS

18

connecting the closing prices over the time frame. Line charts do not provide

visual information of the trading range for the individual points such as the

high, low and opening prices. However, the closing price is often considered

to be the most important price in stock data compared to the high and low for

the day and this is why it is the only value used in line charts.

2. Bar Charts

The bar chart expands on the line chart by adding several more key

pieces of information to each data point. The chart is made up of a series of

vertical lines that represent each data point. This vertical line represents the

high and low for the trading period, along with the closing price. The closeand open are represented on the vertical line by a horizontal dash. The

opening price on a bar chart is illustrated by the dash that is located on the

left side of the vertical bar. Conversely, the close is represented by the dash

on the right. Generally, if the left dash (open) is lower than the right dash

(close) then the bar will be shaded black, representing an up period for the

stock, which means it has gained value. A bar that is colored red signals that
http://www.investopedia.com/terms/b/barchart.asphttp://www.investopedia.com/terms/b/barchart.asp


19/104

TECHNICAL ANALYSIS

19

the stock has gone down in value over that period. When this is the case, the

dash on the right (close) is lower than the dash on the left (open).

3. Candlestick Charts

The candlestickchart is similar to a bar chart, but it differs in the way

that it is visually constructed. Similar to the bar chart, the candlestick also has

a thin vertical line showing the period's trading range. The difference comes

in the formation of a wide bar on the vertical line, which illustrates the

difference between the open and close. And, like bar charts, candlesticks also

rely heavily on the use of colors to explain what has happened during the

trading period. A major problem with the candlestick color configuration,

however, is that different sites use different standards; therefore, it is

important to understand the candlestick configuration used at the chart site

you are working with. There are two color constructs for days up and one for

days that the price falls. When the price of the stock is up and closes above

the opening trade, the candlestick will usually be white or clear. If the stock

has traded down for the period, then the candlestick will usually be red or

black, depending on the site. If the stock's price has closed above the
http://www.investopedia.com/terms/c/candlestick.asphttp://www.investopedia.com/terms/c/candlestick.asp


20/104

TECHNICAL ANALYSIS

20

previous days close but below the day's open, the candlestick will be black

or filled with the color that is used to indicate an up day.

4. Point and Figure Charts

The point and figure chart is not well known or used by the average

investor but it has had a long history of use dating back to the first technical

traders. This type of chart reflects price movements and is not as concerned

about time and volume in the formulation of the points. The point and figure

chart removes the noise, or insignificant price movements, in the stock,which can distort traders' views of the price trends. These types of charts also

try to neutralize the skewing effect that time has on chart analysis.
http://www.investopedia.com/terms/p/pointandfigurechart.asphttp://www.investopedia.com/terms/n/noise.asphttp://www.investopedia.com/terms/s/skewness.asphttp://www.investopedia.com/terms/s/skewness.asphttp://www.investopedia.com/terms/n/noise.asphttp://www.investopedia.com/terms/p/pointandfigurechart.asp


21/104

TECHNICAL ANALYSIS

21

When first looking at a point and figure chart, you will notice a series

of Xs and Os. The Xs represent upward price trends and the Os represent

downward price trends. There are also numbers and letters in the chart; these

represent months, and give investors an idea of the date. Each box on the

chart represents the price scale, which adjusts depending on the price of the

stock: the higher the stock's price the more each box represents. On most

charts where the price is between $20 and $100, a box represents $1, or 1

point for the stock. The other critical point of a point and figure chart is the

reversal criteria. This is usually set at three but it can also be set according to

the chartist's discretion. The reversal criteria set how much the price has to

move away from the high or low in the price trend to create a new trend or, in

other words, how much the price has to move in order for a column of Xs to

become a column of Os, or vice versa. When the price trend has moved from

one trend to another, it shifts to the right, signaling a trend change.

Conclusion

Charts are one of the most fundamental aspects of technical analysis. It

is important that you clearly understand what is being shown on a chart and


22/104

TECHNICAL ANALYSIS

22

the information that it provides. Now that we have an idea of how charts are

constructed, we can move on to the different types of chart patterns.

Technical Analysis: Moving Averages

Most chart patterns show a lot of variation in price movement. This

can make it difficult for traders to get an idea of a security's overall trend.

One simple method traders use to combat this is to apply moving averages. A

moving average is the average price of a security over a set amount of time.

By plotting a security's average price, the price movement is smoothed out.

Once the day-to-day fluctuations are removed, traders are better able to

identify the true trend and increase the probability that it will work in their

favor.

Types of Moving Averages

There are a number of different types of moving averages that vary in

the way they are calculated, but how each average is interpreted remains the

same. The calculations only differ in regards to the weighting that they place

on the price data, shifting from equal weighting of each price point to more

weight being placed on recent data. The three most common types of moving

averages are simple, linear and exponential.
http://www.investopedia.com/terms/m/movingaverage.asphttp://www.investopedia.com/terms/s/sma.asphttp://www.investopedia.com/terms/e/ema.asphttp://www.investopedia.com/terms/e/ema.asphttp://www.investopedia.com/terms/s/sma.asphttp://www.investopedia.com/terms/m/movingaverage.asp


23/104

TECHNICAL ANALYSIS

23

Simple Moving Average (SMA)

This is the most common method used to calculate the moving average

of prices. It simply takes the sum of all of the past closing prices over the

time period and divides the result by the number of prices used in the

calculation. For example, in a 10-day moving average, the last 10 closing

prices are added together and then divided by 10. As you can see in Figure 1,

a trader is able to make the average less responsive to changing prices by

increasing the number of periods used in the calculation. Increasing the

number of time periods in the calculation is one of the best ways to gauge the

strength of the long-term trend and the likelihood that it will reverse.

Many individuals argue that the usefulness of this type of average is

limited because each point in the data series has the same impact on the result

regardless of where it occurs in the sequence. The critics argue that the most

recent data is more important and, therefore, it should also have a higher

weighting. This type of criticism has been one of the main factors leading to

the invention of other forms of moving averages.

Linear Weighted Average


24/104

TECHNICAL ANALYSIS

24

This moving average indicator is the least common out of the three and

is used to address the problem of the equal weighting. The linear weighted

moving average is calculated by taking the sum of all the closing prices over

a certain time period and multiplying them by the position of the data point

and then dividing by the sum of the number of periods. For example, in a

five-day linear weighted average, today's closing price is multiplied by five,

yesterday's by four and so on until the first day in the period range is reached.

These numbers are then added together and divided by the sum of the

multipliers.

Exponential Moving Average (EMA)

This moving average calculation uses a smoothing factor to place a

higher weight on recent data points and is regarded as much more efficient

than the linear weighted average. Having an understanding of the calculation

is not generally required for most traders because most charting packages do

the calculation for you. The most important thing to remember about the

exponential moving average is that it is more responsive to new information

relative to the simple moving average. This responsiveness is one of the key

factors of why this is the moving average of choice among many technical

traders. As you can see in Figure 2, a 15-period EMA rises and falls faster

than a 15-period SMA. This slight difference doesnt seem like much, but it

is an important factor to be aware of since it can affect returns.


25/104

TECHNICAL ANALYSIS

25

Major Uses of Moving Averages

Moving averages are used to identify current trends and trend reversals

as well as to set up support and resistance levels.

Moving averages can be used to quickly identify whether a security is

moving in an uptrend or a downtrend depending on the direction of the

moving average. As you can see in Figure 3, when a moving average is

heading upward and the price is above it, the security is in an uptrend.Conversely, a downward sloping moving average with the price below can be

used to signal a downtrend.


26/104

TECHNICAL ANALYSIS

26

Another method of determining momentum is to look at the order of a

pair of moving averages. When a short-term average is above a longer-term

average, the trend is up. On the other hand, a long-term average above a

shorter-term average signals a downward movement in the trend.

Moving average trend reversals are formed in two main ways: when

the price moves through a moving average and when it moves through

moving averagecrossovers. The first common signal is when the price moves

through an important moving average. For example, when the price of a

security that was in an uptrend falls below a 50-period moving average, like

in Figure 4, it is a sign that the uptrend may be reversing.

The other signal of a trend reversal is when one moving average

crosses through another. For example, as you can see in Figure 5, if the 15-

day moving average crosses above the 50-day moving average, it is a positive

sign that the price will start to increase.
http://www.investopedia.com/terms/c/crossover.asphttp://www.investopedia.com/terms/c/crossover.asphttp://www.investopedia.com/terms/c/crossover.asphttp://www.investopedia.com/terms/c/crossover.asp


27/104

TECHNICAL ANALYSIS

27

If the periods used in the calculation are relatively short, for

example 15 and 35, this could signal a short-term trend reversal. On the other

hand, when two averages with relatively long time frames cross over (50 and

200, for example), this is used to suggest a long-term shift in trend.

Another major way moving averages are used is to identify support

and resistance levels. It is not uncommon to see a stock that has been falling

stop its decline and reverse direction once it hits the support of a major

moving average. A move through a major moving average is often used as a

signal by technical traders that the trend is reversing. For example, if the

price breaks through the 200-day moving average in a downward direction, it

is a signal that the uptrend is reversing.


28/104

TECHNICAL ANALYSIS

28

Moving averages are a powerful tool for analyzing the trend in a

security. They provide useful support and resistance points and are very easy

to use. The most common time frames that are used when creating moving

averages are the 200-day, 100-day, 50-day, 20-day and 10-day. The 200-day

average is thought to be a good measure of a trading year, a 100-day average

of a half a year, a 50-day average of a quarter of a year, a 20-day average of a

month and 10-day average of two weeks.

Moving averages help technical traders smooth out some of the noise

that is found in day-to-day price movements, giving traders a clearer view of

the price trend. So far we have been focused on price movement, through

charts and averages. In the next section, we'll look at some other techniques

used to confirm price movement and patterns

TRENDS

One of the most important concepts in technical analysis is that of

trend. The meaning in finance isn't all that different from the general

definition of the term - a trend is really nothing more than the general

direction in which a security or market is headed. Take a look at the chart

below:
http://www.investopedia.com/terms/n/noise.asphttp://www.investopedia.com/terms/n/noise.asphttp://www.investopedia.com/terms/n/noise.asp


29/104

TECHNICAL ANALYSIS

29

It isn't hard to see that the trend in Figure 1 is up. However, it's not always

this easy to see a trend

:

There are lots of ups and downs in this chart, but there isn't a clear

indication of which direction this security is headed.

A More Formal Definition

Unfortunately, trends are not always easy to see. In other words,

defining a trend goes well beyond the obvious. In any given chart, you will

probably notice that prices do not tend to move in a straight line in any

direction, but rather in a series of highs and lows. In technical analysis, it is


30/104

TECHNICAL ANALYSIS

30

the movement of the highs and lows that constitutes a trend. For example, an

uptrend is classified as a series of higher highs and higher lows, while a

downtrend is one of lower lows and lower highs.

Figure 3 is an example of an uptrend. Point 2 in the chart is the firsthigh, which is determined after the price falls from this point. Point 3 is the

low that is established as the price falls from the high. For this to remain an

uptrend each successive low must not fall below the previous lowest point or

the trend is deemed a reversal.

Types of TrendThere are three types of trend:

1. Uptrend2. Downtrends3. Sideways/Horizontal Trends

As the names imply, when each successive peakand trough is higher,

it's referred to as an upward trend. If the peaks and troughs are getting lower,

it's a downtrend. When there is little movement up or down in the peaks and

troughs, it's a sideways or horizontal trend. If you want to get really technical,

you might even say that a sideways trend is actually not a trend on its own,

but a lack of a well-defined trend in either direction. In any case, the market

can really only trend in these three ways: up, down or nowhere.

1. Upward Trend
http://www.investopedia.com/terms/u/uptrend.asphttp://www.investopedia.com/terms/r/reversal.asphttp://www.investopedia.com/terms/r/reversal.asphttp://www.investopedia.com/terms/r/reversal.asphttp://www.investopedia.com/terms/d/downtrend.asphttp://www.investopedia.com/terms/s/sidewaystrend.asphttp://www.investopedia.com/terms/p/peak.asphttp://www.investopedia.com/terms/t/trough.asphttp://www.investopedia.com/terms/t/trough.asphttp://www.investopedia.com/terms/p/peak.asphttp://www.investopedia.com/terms/s/sidewaystrend.asphttp://www.investopedia.com/terms/d/downtrend.asphttp://www.investopedia.com/terms/r/reversal.asphttp://www.investopedia.com/terms/u/uptrend.asp


31/104

TECHNICAL ANALYSIS

31

An upward trend is denoted by the systematic and extended rise in the

price of the given currency pair over some prolonged period of time. This

does not mean that the price of the given currency pair never recedes, but

merely that in the overall picture the price raises more than it falls in the

given timeframe. A theoretical sketch of an uptrend is presented on the right.

An example of upward trend is show below

If the graph shows upward trend, we can say that it is bullish in market

(increase in prices). It give signal to sell.

2. Downward Trend

A downward trend shares all the characteristics of the upward trend but

in the reverse direction, thus denoting the fall in the price of a given currency

pair.


32/104

TECHNICAL ANALYSIS

32

On the right we show a theoretical image of a downward trend, and a

real life counterpart below.

3. Sideways Trend

The sideways trend is also known as a trend less, ranging or flat

market. Though similar to the other two types, the sideways trend shows no

major difference in the price values between the beginning and the end of a

specific time period. The sideways trend denotes market conditions in which

prices may be moving back and forth between levels of support and

resistance (covered next).


33/104

TECHNICAL ANALYSIS

33

Trend Lengths

Along with these three trend directions, there are three trend

classifications. A trend of any direction can be classified as a long-term trend,

intermediate trend or a short-term trend. In terms of the stock market, a major

trend is generally categorized as one lasting longer than a year. An

intermediate trend is considered to last between one and three months and a

near-term trend is anything less than a month. A long-term trend is composed

of several intermediate trends, which often move against the direction of themajor trend. If the major trend is upward and there is a downward correction


34/104

TECHNICAL ANALYSIS

34

in price movement followed by a continuation of the uptrend, the correction

is considered to be an intermediate trend. The short-term trends are

components of both major and intermediate trends. Take a look a Figure 4 to

get a sense of how these three trend lengths might look.

When analyzing trends, it is important that the chart is constructed to

best reflect the type of trend being analyzed. To help identify long-term

trends, weekly charts or daily charts spanning a five-year period are used by

chartists to get a better idea of the long-term trend. Daily data charts are best

used when analyzing both intermediate and short-term trends. It is also

important to remember that the longer the trend, the more important it is; for

example, a one-month trend is not as significant as a five-year trend.

Trend lines

A trend line is a simple charting technique that adds a line to a chart to

represent the trend in the market or a stock. Drawing a trend line is as simple

as drawing a straight line that follows a general trend. These lines are used to

clearly show the trend and are also used in the identification of trend

reversals.

As you can see in Figure 5, an upward trend line is drawn at the lows

of an upward trend. This line represents the support the stock has every time
http://www.investopedia.com/terms/s/support.asphttp://www.investopedia.com/terms/s/support.asp


35/104

TECHNICAL ANALYSIS

35

it moves from a high to a low. Notice how the price is propped up by this

support. This type of trend line helps traders to anticipate the point at which a

stock's price will begin moving upwards again. Similarly, a downward trend

line is drawn at the highs of the downward trend. This line represents

the resistance level that a stock faces every time the price moves from a low

to a high.

Figure 5

Channels

A channel, or channel lines, is the addition of two parallel trend lines

that act as strong areas of support and resistance. The upper trend line

connects a series of highs, while the lower trend line connects a series of

lows. A channel can slope upward, downward or sideways but, regardless of

the direction, the interpretation remains the same. Traders will expect a given

security to trade between the two levels of support and resistance until it

breaks beyond one of the levels, in which case traders can expect a sharp

move in the direction of the break. Along with clearly displaying the trend,

channels are mainly used to illustrate important areas of support and

resistance.
http://www.investopedia.com/terms/r/resistance.asphttp://www.investopedia.com/terms/c/channel.asphttp://www.investopedia.com/terms/a/ascendingchannel.asphttp://www.investopedia.com/terms/a/ascendingchannel.asphttp://www.investopedia.com/terms/c/channel.asphttp://www.investopedia.com/terms/r/resistance.asp


36/104

TECHNICAL ANALYSIS

36

This illustrates a descending channel on a stock chart; the upper trend

line has been placed on the highs and the lower trend line is on the lows. The

price has bounced off of these lines several times, and has remained range-

bound for several months. As long as the price does not fall below the lower

line or move beyond the upper resistance, the range-bound downtrend isexpected to continue.

The Importance of Trend

It is important to be able to understand and identify trends so that you

can trade with rather than against them. Two important sayings in technical

analysis are "the trend is your friend" and "don't buck the trend," illustratinghow important trend analysis is for technical traders

INDICATORS USED IN TECHNICAL ANALYSIS

1. Relative Strength Index

The relative strength index (RSI) is another one of the most used and

well-known momentum indicators in technical analysis. RSI helps to signal
http://www.investopedia.com/terms/r/rsi.asphttp://www.investopedia.com/terms/r/rsi.asp


37/104

TECHNICAL ANALYSIS

37

overbought and oversold conditions in a security. The indicator is plotted in a

range between zero and 100. A reading above 70 is used to suggest that a

security is overbought, while a reading below 30 is used to suggest that it is

oversold. This indicator helps traders to identify whether a securitys price

has been unreasonably pushed to current levels and whether a reversal may

be on the way.

The standard calculation for RSI uses 14 trading days as the basis,

which can be adjusted to meet the needs of the user. If the trading period is

adjusted to use fewer days, the RSI will be more volatile and will be used for

shorter term trades.

2. Moving Average Convergence

The moving average convergence divergence (MACD) is one of the

most well known and used indicators in technical analysis. This indicator is

comprised of two exponential moving averages, which help to

measure momentum in the security. The MACD is simply the difference

between these two moving averages plotted against a centerline. Thecenterline is the point at which the two moving averages are equal. Along
http://www.investopedia.com/terms/m/macd.asphttp://www.investopedia.com/terms/m/momentum.asphttp://www.investopedia.com/terms/m/momentum.asphttp://www.investopedia.com/terms/m/macd.asp


38/104

TECHNICAL ANALYSIS

38

with the MACD and the centerline, an exponential moving average of the

MACD itself is plotted on the chart. The idea behind this momentum

indicator is to measure short-term momentum compared to longer term

momentum to help signal the current direction of momentum.

Moving average - longer term moving average

When the MACD is positive, it signals that the shorter term moving average

is above the longer term moving average and suggests upward momentum.

The opposite holds true when the MACD is negative - this signals that the

shorter term is below the longer and suggest downward momentum. Whenthe MACD line crosses over the centerline, it signals a crossing in the

moving averages. The most common moving average values used in the

calculation are the 26-day and 12-day exponential moving averages. The

signal line is commonly created by using a nine-day exponential moving

average of the MACD values. These values can be adjusted to meet the needs

of the technician and the security. For more volatile securities, shorter termaverages are used while less volatile securities should have longer averages.

Another aspect to the MACD indicator that is often found on charts is

the MACD histogram. The histogram is plotted on the centerline and

represented by bars. Each bar is the difference between the MACD and the

signal line or, in most cases, the nine-day exponential moving average. The

higher the bars are in either direction, the more momentum behind the

direction in which the bars point.

As you can see in Figure 2, one of the most common buy signals is

generated when the MACD crosses above the signal line (blue dotted line),

while sell signals often occur when the MACD crosses below the signal.
http://www.investopedia.com/terms/h/histogram.asphttp://www.investopedia.com/terms/h/histogram.asp


39/104

TECHNICAL ANALYSIS

39

3. ROC

It is a very popular oscillator which measures the rate of change of the

current price as Compared to the price a certain number of days or week

back. To calculate a 7 day ROC, each Day price is divided by the price with

prevailed 7 day ago and then 1 is subtracted from this Price, one should buy a

share that is oversold and sell a share that is over brought. In ROC Chart, the

overbought zone is above the zero line and over sold zone is below the zero

line for identifying buying and selling opportunities. Upside crossing (from

below to above the zero line). Indicates a buying opportunities. While down

side crossing (from above to below the zero line) indicates a selling

opportunity

Schools of technical analysis

1. Dow theory

2. Elliot wave theory

1. DOW THEORY


40/104

TECHNICAL ANALYSIS

40

The Dow Theory on stock price movement is a form oftechnical

analysis that includes some aspects ofsector rotation. The theory was derived

from 255 Wall Street Journal editorials written by Charles H. Dow (1851

1902), journalist, founder and first editor of the Wall Street Journal and co-

founder ofDow Jones and Company. Following Dow's death, William Peter

Hamilton, Robert Rhea and E. George Schaefer organized and collectively

represented Dow theory, based on Dow's editorials. Dow himself never used

the term Dow Theory nor presented it as a trading system.
http://en.wikipedia.org/wiki/Technical_analysishttp://en.wikipedia.org/wiki/Technical_analysishttp://en.wikipedia.org/wiki/Sector_rotationhttp://en.wikipedia.org/wiki/Wall_Street_Journalhttp://en.wikipedia.org/wiki/Charles_H._Dowhttp://en.wikipedia.org/wiki/Wall_Street_Journalhttp://en.wikipedia.org/wiki/Dow_Jones_and_Companyhttp://en.wikipedia.org/wiki/William_Peter_Hamiltonhttp://en.wikipedia.org/wiki/William_Peter_Hamiltonhttp://en.wikipedia.org/w/index.php?title=Robert_Rhea&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=E._George_Schaefer&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=E._George_Schaefer&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Robert_Rhea&action=edit&redlink=1http://en.wikipedia.org/wiki/William_Peter_Hamiltonhttp://en.wikipedia.org/wiki/William_Peter_Hamiltonhttp://en.wikipedia.org/wiki/Dow_Jones_and_Companyhttp://en.wikipedia.org/wiki/Wall_Street_Journalhttp://en.wikipedia.org/wiki/Charles_H._Dowhttp://en.wikipedia.org/wiki/Wall_Street_Journalhttp://en.wikipedia.org/wiki/Sector_rotationhttp://en.wikipedia.org/wiki/Technical_analysishttp://en.wikipedia.org/wiki/Technical_analysis


41/104

TECHNICAL ANALYSIS

41

Six basic tenets of Dow Theory

1. The market has three movementsThe "main movement", primary movement or major trend may last

from less than a year to several years. It can be bullish or bearish. (2) The

"medium swing", secondary reaction or intermediate reaction may last from

ten days to three months and generally retraces from 33% to 66% of the

primary price change since the previous medium swing or start of the main

movement. (3) The "short swing" or minor movement varies with opinion

from hours to a month or more. The three movements may be simultaneous,

for instance, a daily minor movement in a bearish secondary reaction in a

bullish primary movement.

2. Market trends have three phasesDow Theory asserts that major market trends are composed of three

phases: an accumulation phase, a public participation phase, and a

distribution phase. The accumulation phase (phase 1) is a period when

investors "in the know" are actively buying (selling) stock against the general

opinion of the market. During this phase, the stock price does not change

much because these investors are in the minority demanding (absorbing)

stock that the market at large is supplying (releasing). Eventually, the market

catches on to these astute investors and a rapid price change occurs (phase 2).

This occurs when trend followers and other technically oriented investors

participate. This phase continues until rampant speculation occurs. At this

point, the astute investors begin to distribute their holdings to the market

(phase 3).

3. The stock market discounts all newsStock prices quickly incorporate new information as soon as it

becomes available. Once news is released, stock prices will change to reflect
http://en.wikipedia.org/wiki/Market_trendhttp://en.wikipedia.org/wiki/Market_trend


42/104

TECHNICAL ANALYSIS

42

this new information. On this point, Dow Theory agrees with one of the

premises of the efficient market hypothesis.

4. Stock market averages must confirm each otherIn Dow's time, the US was a growing industrial power. The US had

population centers but factories were scattered throughout the country.

Factories had to ship their goods to market, usually by rail. Dow's first stock

averages were an index of industrial (manufacturing) companies and rail

companies. To Dow, a bull market in industrials could not occur unless the

railway average rallied as well, usually first. According to this logic, if

manufacturers' profits are rising, it follows that they are producing more. If

they produce more, then they have to ship more goods to consumers. Hence,

if an investor is looking for signs of health in manufacturers, he or she should

look at the performance of the companies that ship the output of them to

market, the railroads. The two averages should be moving in the same

direction. When the performance of the averages diverges, it is a warning that

change is in the air.

Both Barron's Magazine and the Wall Street Journal still publish the

daily performance of the Dow Jones Transportation Index in chart form. The

index contains major railroads, shipping companies, and air freight carriers in

the US.
http://en.wikipedia.org/wiki/Efficient_market_hypothesishttp://en.wikipedia.org/wiki/Barron%27s_Magazinehttp://en.wikipedia.org/wiki/Wall_Street_Journalhttp://en.wikipedia.org/wiki/Wall_Street_Journalhttp://en.wikipedia.org/wiki/Barron%27s_Magazinehttp://en.wikipedia.org/wiki/Efficient_market_hypothesis


43/104

TECHNICAL ANALYSIS

43

5. Trends are confirmed by volumeDow believed that volume confirmed price trends. When prices move

on low volume, there could be many different explanations. An overly

aggressive seller could be present for example. But when price movements

are accompanied by high volume, Dow believed this represented the "true"

market view. If many participants are active in a particular security, and the

price moves significantly in one direction, Dow maintained that this was the

direction in which the market anticipated continued movement. To him, it

was a signal that a trend is developing.

6. Trends exist until definitive signals prove that they have endedDow believed that trends existed despite "market noise". Markets

might temporarily move in the direction opposite to the trend, but they will

soon resume the prior move. The trend should be given the benefit of the

doubt during these reversals. Determining whether a reversal is the start of a

new trend or a temporary movement in the current trend is not easy. Dow

Theorists often disagree in this determination. Technical analysis tools

attempt to clarify this but they can be interpreted differently by different

investors

2. ELLIOT WAVE THEORY:

R. N. Elliott believed markets had well-defined waves that could be

used to predict market direction. In 1939, Elliott detailed the Elliott Wave

Theory, which states that stock prices are governed by cycles founded upon

the Fibonacci series (1-2-3-5-8-13-21.)

There are many theories, which seek to explain the behavior of the

stock market. One such theory, in technical analysis, is the wave theory

formulated by Ralph Elliot, known as the Elliot wave theory. A wave is amovement of the market price from one change in the direction to the next


44/104

TECHNICAL ANALYSIS

44

change in the same direction. The waves are the result of buying and selling

impulses emerging from the demand and supply pressures on the market.

According to the Elliott Wave Theory, stock prices tend to move in a

predetermined number of waves consistent with the Fibonacci series.

Specifically, Elliott believed the market moved in five distinct waves on the

upside and three distinct on the downside.

Waves one, three and five represent the impulse, or minor up-waves

is a major bull move. Waves two and four represent the corrective, or minor

down-waves in the major bull move. The waves lettered A and C represents

the minor down-waves in a major bear move, while B represents the one up-

wave in a minor bear wave.

Elliott proposed that the waves existed at many levels, meaning there

could be waves within waves. To clarify, this means that the chart above not

only represents the primary wave pattern, but it could also represent what

occurs just between points 2 and 4.

The diagram below shows how primary waves could be broken down into

smaller waves.

The basic shape of the wave is shown.

Elliott Wave theory describes names to the waves in order of descending

size:

1.

Grand Supercycle


45/104

TECHNICAL ANALYSIS

45

2. Super cycle3. Cycle4. Primary5. Intermediate6. Minor7. Minute8. Minuette9. Sub-Minuette

The major waves determine the major trend of the market, and minor

waves determine minor trends. This is similar to the way Dow Theory

postulates primary and secondary trends. Elliott provided numerous

variations on the main wave, and placed particular importance on the golden

mean, 0.618, as a significant percentage for retracement.

Trading using Elliott Wave patterns is quite simple. The trader

identifies the main wave or Super cycle, enters long, and then sells or shorts,

as the reversal is determined. This continues in progressively shorter cycles

until the cycle completes and the main wave resurfaces. The caution to this is

that much of the wave identification is taken in hindsight and disagreements

arise between Elliott Wave technicians as to which cycle the market is in.


46/104

TECHNICAL ANALYSIS

46

CHAPTER - 3

COMPANY PROFILE

INTRODUCTION

This section comprises of the profile of Aryan Share & Stock Brokers Ltd.

Where the study of the project carried out for the purpose of collecting

primary data. Aryan, a leading multicrore Share Broking company having

Pan India Presence, is successfully assisting & establishing its large clientele

base in the nifty gritty of financial business.

With a strong infrastructure & experienced team across the country, Aryan

Share & Stock Brokers Ltd. has established itself as a Intermediary in its

more than a decade of existence. Adapting itself quickly to the changing

times & financial markets across the globe, Aryan Share & Stock Brokers

Ltd. is in a position to provide the much needed expertise that every client

looks for in stock trading & financial planning.

ARYAN SHARE AND STOCK BROKERS LIMITED

Aryan - The people you can depend on as your Financial Lifeguards.

ARYAN SHARE AND STOCK BROKERS LIMITED (ASSBL) is

promoted by team of dynamic entrepreneurs, having stock market expertise

for a couple of decades and a collective work experience of more than 100

man years. TEAM ARYAN formed in 1993 with the membership OF THE


47/104

TECHNICAL ANALYSIS

47

MADRAS STOCK EXCHANGE LIMITED, incorporated ASSBL during

1995 with a subscribed capital base of Rs 300 Lacs. Our maiden public issue

during 1996, made ASSBL as one of the most widely held stock brokerage

house in south India. Today our net worth exceeds the capital in multi folds

and our esteemed clientele comprises all walks of financial world. (Viz.)

INVESTORS, HIGH NET WORTH INDIVIDUALS, SUB BROKERS,

TRADERS AND BODY CORPORATES.

FOCUS AND SERVICES:

Since inception we have always focused on retail stock brokering service and

making the best in customized services solution for investors in the retail

segment of stock market. We serve this segment of stock market through our

own virtual private network connecting our clients through C-BAND V.sats,

KU band V.sats, Leased Lines, integrated service digital network lines and

broad band connectivity though internet. We are specialized in the secondary

market operations, covering the capital market segment and the derivatives

segment (F&O). At assbl, we also offer online trading facility (internet

trading - online), covering services across major stretches of India. At

ASSBL we have shrinked the communication barriers through a systematic

network of channel partners. Our emphasis on the role of channel partners

has been of core importance and their process we have categorized regional

offices at:

JAIPURNorthern zone

VADODARAWestern zone

COIMBATORESouthern zone

BHIMAVARAMEastern zone

NAGPRCentral zone

In addition to the above, the other value added services provided to ouresteemed clients are

Primary services and commodities and market operation (IPOdistribution),

Portfolio guidance, investment awareness programmes, Technical analysis guidance on stocks, conducting session on expertise

to trade,


48/104

TECHNICAL ANALYSIS

48

Multi option deposits for trading and above all offering CTCL(computer to computer link) facility at different locations.

Online internet trading (e. braking) Online facility of Demat services a commodities trading.

INFRASTRUCTURE:

The registered office operating on an owned space has space dealing room,

separate segments for technical research studies and a fully automated

marketing division. ASSBL has many firsts to its credit, we have taken

pioneering initiatives to usher-in new generation, state of the art automated

stock-broking house. We have exclusive offices for research team, marketing

division, back office and accounts section. All the dealing offices are

customized to the best comfort and convenience of our clientele. Our back

office is complied with all the latest office automation and the software as

well as networking devices used for various segment in our office are

supplied and supported by leading establishments, maintaining world class

standard for their products.

CORE TEAM:

MR.MANOJ.N.SHAHCHAIRMAN

MR.SHANMUKH.N.SHAHMANAGING DIRECTOR

MR.PARESH.N.S SHAHBUSINESS DIRECTOR

MR.R.GIRIDHARGENERAL MANAGER

MR.ARUN MANDAVIYAMANAGER CORPORATE DIVISION

MR B S SRIKANTH - ZONAL MANAGER,

MR SOMASHEKAR K R - BRANCH MANAGER (MYSORE).

ASSBL understands the necessity of investors and their presence is very

much vital for the retail segment, which is the first and most preferred need

of entire stock market and fulfilling the financial solution in the retail

segment can be done only on case to case basis. It is this thought team

Aryan, has made us to be a preferred as well different solution for all

different clients because here you find avenues unlimited.

MYSORE BRANCH ADDRESS:


49/104

TECHNICAL ANALYSIS

49

MR B S SRIKANTH(ZONAL MANAGER), MR SOMASHEKAR KR(BRANCH MANAGER)+(91)-(821)-4269444, 4282933+(91)-9035398392, 9972823434

www.assbl.comNO 1, 2ND FLOOR, ABOVE ISMAIL OPTICALS, OPP BAKEPOINT, VISHWAMANAVA DOUBLEROAD, SARASWATHIPURAM, MYSORE - 570009 |
http://www.justdial.com/website.php?web=d3d3LmFzc2JsLmNvbQ==&city=Mysore&search=Aryan-Share-&-Stock-Brokers-LTD-%3Cnear%3E-Saraswathipuram&where=Saraswathipuram#_blankhttp://www.justdial.com/website.php?web=d3d3LmFzc2JsLmNvbQ==&city=Mysore&search=Aryan-Share-&-Stock-Brokers-LTD-%3Cnear%3E-Saraswathipuram&where=Saraswathipuram#_blankhttp://www.justdial.com/website.php?web=d3d3LmFzc2JsLmNvbQ==&city=Mysore&search=Aryan-Share-&-Stock-Brokers-LTD-%3Cnear%3E-Saraswathipuram&where=Saraswathipuram#_blank


50/104


51/104

TECHNICAL ANALYSIS

51

by Ericsson, Nokia Siemens tworkand Huawei, and business support is

provided by IBM, and transmission towers are maintained by another

company (Bharti Infratel Ltd. in India). Ericsson agreed for the first time to

be paid by the minute for installation and maintenance of their equipment

rather than being paid up front, which allowed Airtel to provide low call rates

of 1/minute (US$0.02/minute). During the last financial year (200910),

Bharti negotiated for its strategic partner Alcatel-Lucent to manage the

network infrastructure for the tele-media business

Bharti airtel limited is a leading global telecommunications company

with operations in 19 countries across Asia and Africa. The company offers

mobile voice & data services, fixed line, high speed broadband, IPTV, DTH,

turnkey telecom solutions for enterprises and national & international long

distance services to carriers. bharti airtel has been ranked among the six best

performing technology companies in the world by business week. bharti

airtel had 200 million customers across its operations.

Highlights

Bharti Airtel selects Infosys as its technology partner for 'airtel money'

Now use airtel money to make payments and transfer money across

India

Bharti Airtel announces its third quarter ended December 31, 2011 on

February 8, 2012

Bharti Airtel appoints Suren Goonewardene as CEOSri Lanka

Bharti Airtel to Observe Silent period from December 31, 2011

Airtel Mobitude 2011 reveals data traffic trends on mobile devices in

India

History
http://en.wikipedia.org/wiki/Ericssonhttp://en.wikipedia.org/wiki/Nokia_Siemens_Networkhttp://en.wikipedia.org/wiki/Huaweihttp://en.wikipedia.org/wiki/IBMhttp://en.wikipedia.org/wiki/Alcatel-Lucenthttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/bharti-airtel-selects-infosys-as-its-technology-partner-for-airtel-money?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/bharti-airtel-selects-infosys-as-its-technology-partner-for-airtel-money?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/bharti-airtel-selects-infosys-as-its-technology-partner-for-airtel-money?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/now-use-airtel-money-to-make-payments-and-transfer-money-across-india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/now-use-airtel-money-to-make-payments-and-transfer-money-across-india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/now-use-airtel-money-to-make-payments-and-transfer-money-across-india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_announces_its_third_quarter_ended_december_31?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_announces_its_third_quarter_ended_december_31?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_announces_its_third_quarter_ended_december_31?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_appoints_suren_goonewardene_as_ceo_sri+lanka?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_appoints_suren_goonewardene_as_ceo_sri+lanka?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_appoints_suren_goonewardene_as_ceo_sri+lanka?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_appoints_suren_goonewardene_as_ceo_sri+lanka?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_to_observe_silent_period_from_december_31_2011?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_to_observe_silent_period_from_december_31_2011?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_to_observe_silent_period_from_december_31_2011?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/airtel_mobitude_2011_reveals_data_traffic_trends_on_mobile_devices_in_india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/airtel_mobitude_2011_reveals_data_traffic_trends_on_mobile_devices_in_india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/airtel_mobitude_2011_reveals_data_traffic_trends_on_mobile_devices_in_india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/airtel_mobitude_2011_reveals_data_traffic_trends_on_mobile_devices_in_india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/airtel_mobitude_2011_reveals_data_traffic_trends_on_mobile_devices_in_india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_to_observe_silent_period_from_december_31_2011?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_appoints_suren_goonewardene_as_ceo_sri+lanka?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_announces_its_third_quarter_ended_december_31?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/corporate/bharti_airtel_announces_its_third_quarter_ended_december_31?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/now-use-airtel-money-to-make-payments-and-transfer-money-across-india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/now-use-airtel-money-to-make-payments-and-transfer-money-across-india?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://www.airtel.in/wps/wcm/connect/About%20Bharti%20Airtel/bharti+airtel/media+centre/bharti+airtel+news/mobile/bharti-airtel-selects-infosys-as-its-technology-partner-for-airtel-money?WCM_Page.ResetAll=TRUE&CACHE=NONE&CONTENTCACHE=NONE&CONNECTORCACHE=NONE&SRV=Pagehttp://en.wikipedia.org/wiki/Alcatel-Lucenthttp://en.wikipedia.org/wiki/IBMhttp://en.wikipedia.org/wiki/Huaweihttp://en.wikipedia.org/wiki/Nokia_Siemens_Networkhttp://en.wikipedia.org/wiki/Ericsson


52/104

TECHNICAL ANALYSIS

52

Sunil Bharti Mittal founded the Bharti Group. In 1983, Sunil Mittal

was into an agreement with Germany's Siemens to manufacture the

company's push-button telephone models for the Indian market. In 1986,

Sunil Bharti Mittal incorporated Bharti Telecom Limited (BTL) and his

company became the first in India to offer push-button telephones,

establishing the basis of Bharti Enterprises. This first-mover advantage

allowed Sunil Mittal to expand his manufacturing capacity elsewhere in the

telecommunications market. By the early 1990s, Sunil Mittal had also

launched the country's first fax machines and its first cordless telephones. In

1992, Sunil Mittal won a bid to build a cellular phone network in Delhi. In

1995, Sunil Mittal incorporated the cellular operations as Bharti Tele-

Ventures and launched service in Delhi. In 1996, cellular service was

extended to Himachal Pradesh. In 1999, Bharti Enterprises acquired control

of JT Holdings, and extended cellular operations to Karnataka and Andhra

Pradesh. In 2000, Bharti acquired control of Skycell Communications, in

Chennai. In 2001, the company acquired control of Spice Cell in Calcutta.

Bharti Enterprises went public in 2002, and the company was listed on

Bombay Stock Exchange and National Stock Exchange of India. In 2003, the

cellular phone operations were rebranded under the single Airtel brand. In

2004, Bharti acquired control of Hexacom and entered Rajasthan. In 2005,

Bharti extended its network to Andaman and Nicobar.'2009, Airtel launched

its first international mobile network in Sri Lanka. In 2010, Airtel began

operating end

Today, Airtel is the largest cellular service in India and fifth largest in the

world.

Organizational Structure

The organizational structure that existed till recently concentrated on

the hierarchy of the operations(not services) inside the company as a whole.

The structure depicts the corresponding operation/region of different in-charges and hence it didn't hold anyone responsible for each of its services.


53/104

TECHNICAL ANALYSIS

53

So, the company found it better to restructure its organisational chart and it

came into implementation from 1 August. The transformed organisational

structure will have two distinct Customer Business Units (CBU) with clear

focus on B2C (Business to Customer) and B2B (Business to Business)

segments. Bharti Airtel's B2C business unit will comprehensively service the

retail consumers, homes and small offices, by combining the erstwhile

business units Mobile, Telemedia, Digital TV, and other emerging

businesses (like M-commerce, M-health, M-advertising etc.). The B2C

organization will consist of Consumer Business and Market Operations. It is

the largest telecommunication company in India.

Registered Address

Bharti Crescent

1, Nelson Mandela Road,,Vasant Kunj

New Delhi

Delhi

110070

Tel: 011-46666100 011-46666500

Fax: 011-46666137 011-41666149

Email:[email protected]

Website:http://www.airtel.com

Group: Bharti Group

Registrars

Karvy Computershare Private Ltd. "Karvy House"

46, Avenue 4,

Street No. 1
mailto:[email protected]:[email protected]:[email protected]://www.airtel.com/http://www.airtel.com/http://www.airtel.com/http://www.airtel.com/mailto:[email protected]


54/104


55/104

TECHNICAL ANALYSIS

55

also comes under Wipro consulting services. Large numbers of clients are

guided on terms of profitable products and ethical technology for best quality

of these products by this organization. Wipro company profile tells that

Wipro consulting services holds more than two hundred of clients in United

States and Europe. Under other Wipro products, management of health care

is also one. Latest Wipro technology has introduced devices in medical field.

Through this latest range of Wipro products, doctors can regulate record of

patients healthcare from distant locations. This Wipro technology has

brought a boon in medical field. Wipro company profile enlightens that

Wipro products are designed using such Wipro technology which keeps a

view on benefits of customers.

As per Wipro company profile, this organization was established in

year of nineteen hundred and forty five but Wipro computers were introduced

in later years. In the former years, other products which have also flourished

greatly are dealt under the brand of Wipro. Charge of this company was

handled by son of former chairman of company under whose chairmanship

Wipro computers were introduced in the market. Logo of company on Wipro

computers is a sign of effective and efficient functionality of windows

program. Every user throughout world relies on functionalities of this brand

product of Wipro Company

History

The company was established in 1945 by Mohamed Hasham Premji as

Western India Products Limited listed on the New York Stock Exchange.

Wipro was initially set up as a vegetable oil manufacturer in 1945 in

Amalner,Maharashtra, producing sunflower Vanaspati oil and soaps. At that

time, the company was called Western India Vegetable Products Limited

(later abbreviated down to Wipro). The company logo still contains a

sunflower to reflect their original business. During the 1970s and 1980s, the

company shifted its focus and began to look into business opportunities in theIT and computing industry, which was at nascent stages in India at that time.
http://en.wikipedia.org/wiki/Amalnerhttp://en.wikipedia.org/wiki/Amalnerhttp://en.wikipedia.org/wiki/Maharashtrahttp://en.wikipedia.org/wiki/Maharashtrahttp://en.wikipedia.org/wiki/Maharashtrahttp://en.wikipedia.org/wiki/Vanaspatihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Vanaspatihttp://en.wikipedia.org/wiki/Maharashtrahttp://en.wikipedia.org/wiki/Amalner


56/104

TECHNICAL ANALYSIS

56

final technical analysis

Documents