Hi I have just started studying and have become familiar with technical analysis of stocks since the last 3 weeks. Since then I have been analyzing various stocks of NSE(daily charts).
However I have found that most of 'em(majority) are showing patterns of ascending,descending and symmetrical triangles, basically consolidation patterns in the daily charts. I wanted to know Is it just me or are those actually in the consolidation patterns. I am looking at swing and short term(1-2)months trading. Plz help and thanks in advance.I am doing paper trading now. Since there were a number of stocks with consolidation patterns I am not able to attach the charts.
Sunpharma-looked like symmetrical triangle in daily charts
Relcapital-looked like a symmetrical triangle in the daily charts
NTPC- looked like the formation of a symmetrical triangle
Tata Steel- looks like the formation of an ascending triangle(daily charts)
Sterlite Industries- looks like formation of ascending triangle in daily charts.
RCOM, HDFC Bank,Hero Honda looks like forming a descending triangle pattern in daily charts.
PLZ help!!! Hope this aint too much!!