TV 18 Broadcast – A stiff resistance at 40-42


TV 18 Technical View

  • For the last 2 years or more the stock has made 4 attempts at the resistance of 40-42.
  • A cup and handle formation can be clearly seen.
  • Lower trendline support did hold up well.
  • A break beyond 40-42 can trigger a fresh uptrend.
  • Cup size is almost 20 points.
  • This also looks like a good rounding bottom formation.
  • One can bet right away on the breakout with some risk involved or wait for a confirmation of a breakout.

The stock was recently advised in Technical Traders Club and Big Value 2.0 at 30-33 levels as a delivery pick.

The chart was as below.

TV 18 - TT Club

Disclosure : I do come on CNBC TV 18 once in a while as a guest analyst.


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Securities covered above:: TV 18

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  1. Sarnendu
    July 4, 2015

    Great WESTERN CLASSIC CHART-PATTERN Technical Analysis report. But unless its a trade-pick for Intraday or max. 2 days holding MOMEMTUM trading pick …………..for SWING / TREND-FOLLOWING trading we need TREND confirmation by MULTI TIME-FRAME chart pattern analysis; i.e. If we are Trading DAILY chart-pattern, then Trend confirmation should also be accompanied by WEEKLY TIME-FRAME chart pattern. So please try to come out with MULTI TIME-FRAME chart pattern analysis reports for high probability SWING / TREND-FOLLOWING trade picks.

    1. Nooresh
      July 6, 2015

      Hi Sarnendu,

      Multi Time Frame is a construct made to complicate. Like this jargon – Western Classic Chart Pattern

      Price data comes to you in Daily Formmat. Is a closing price on Friday more important or monday/tuesday ?

      Rethink on what you have mentioned and be flexible.

  2. Sarnendu
    July 6, 2015

    Do you intend to say that we if we are trading on some pattern on DAILY time-frame, we don’t need to bother about whether WEEKLY timeframe trend is supporting or contradicting the trend shown on DAILY timeframe ?

    1. Nooresh
      July 8, 2015

      What is the difference between a Daily Timeframe and Weekly Time frame.
      If you breakout on Tuesday will you wait for a Friday closing to decide ?

      1. Sarnendu
        July 8, 2015

        I will consider it a good trade-pick to trade on DAILY timeframe Tuesday breakout, only if WEEKLY timeframe chart till previous Friday is not in contradiction trend; i.e. it must be atleast sideways, if not uptrend.

        …& stay with the trade if forthcoming Friday close doesn’t shifts the WEEKLY timeframe trend from sideways or Uptrend to Downtrend;

        This is what suggested in Alexander Elder’s book ‘Come into my Trading Room’ chapter-6 TRIPLE SCREEN update. Multi time-frame analysis provides us additional tool of prompt decision specially for Trend-following trade picks with little higher efficiency compared to Technical Oscillators / Momentum Indicators.

        But ignoring all these ..if you have succeeded in developing a Trading System on Single Timeframe analysis with around 60% hits, then that in itself a great feed !

        1. Nooresh
          July 8, 2015

          That is too much of theory sir.
          I like to keep it simple and focus on risk rewards.
          Cheers best of luck


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