Module 2 Technical Analysis

Chapter 1

Background

204

1.1 – Overview

The previous module set us on a good plane with the basic understanding about the stock markets. Taking cues from the previous module, we now know that developing a well researched point of view is critical for stock market success. A good point of view should have a directional view and should also include information such as:

  1. Price at which one should buy and sell stocks
  2. Risk involved
  3. Expected reward
  4. Expected holding period

Technical Analysis (also abbreviated as TA) is a popular technique that allows you to do just that. It not only helps you develop a point of view on a particular stock or index but also helps you define the trade keeping in mind the entry, exit and risk perspective.

Like all research techniques, Technical Analysis also comes with its own attributes, some of which can be highly complex. However technology makes it easy to understand. We will discover these attributes as we proceed along this module.

1.2 – Technical Analysis, what is it?

Consider this analogy.

Imagine you are vacationing in a foreign country where everything including the language, culture, climate, and food is new to you. On day 1, you do the regular touristy activities, and by evening you are very hungry. You want to end your day by having a great dinner. You ask around for a good restaurant and you are told about a nice food street which is close by. You decide to give it a try.

To your surprise, there are many vendors selling different varieties of food. Everything looks different and interesting. You are absolutely clueless as to what to eat for dinner. To add to your dilemma you cannot ask around as you do not know the local language. So given all this, how will you make a decision on what to eat?

M2-Ch1-title

Well, you have two options to figure out what to eat.

Option 1: You visit a vendor, figure out what they are cooking / selling. Check on the ingredients used, cooking style, probably taste a bit and figure out if you actually like the food. You repeat this exercise across a few vendors, after which you would most likely end up eating at a place that satisfies you the most.

The advantage with this technique is that you know exactly what you are eating since you have researched about it on your own. However on the flip side, the methodology you adopted is not really scalable as there could be about 100 odd vendors, and with limited time at your disposal, you can probably cover about 4 or 5 vendors.  Hence there is a high probability that you could have missed the best tasting food on the street!

Option 2: You just stand in a corner and observe all the vendors. You try and find a vendor who is attracting the maximum crowd. Once you find such a vendor you make a simple assumption -‘The vendor is attracting so many customers which means he must be making the best food!’ Based on your assumption and the crowd’s preference you decide to go to that particular vendor for your dinner. Chances are that you could be eating the best tasting food available on the street.

The advantage of this method is the scalability. You just need to spot the vendor with the maximum number of customers and bet on the fact that the food is good based on the crowd’s preference. However, on the flipside the crowd need not always be right.

If you could recognize, option 1 is very similar to Fundamental Analysis where you research about a few companies thoroughly. We will explore about Fundamental Analysis in greater detail in the next module.

Option 2 is very similar to Technical Analysis where one scans for opportunities based on the current trend aka the preference of the market.

Technical Analysis is a research technique to identify trading opportunities in market based on the actions of market participants. The actions of markets participants can be visualized by means of a stock chart. Over time, patterns are formed within these charts and each pattern conveys a certain message. The job of a technical analyst is to identify these patterns and develop a point of view.

Like any research technique, technical analysis stands on a bunch of assumptions. As a practitioner of technical analysis, you need to trade the markets keeping these assumptions in perspective. Of course we will understand these assumptions in details as we proceed along.

Also, at this point it makes sense to throw some light on a matter concerning FA and TA. Often people get into the argument contending a particular research technique is a better approach to market. However in reality there is no such thing as the best research approach. Every research method has its own merits and demerits. It would be futile to spend time comparing TA and FA in order to figure out which is a better approach.

Both the techniques are different and not comparable. In fact a prudent trader would spend time educating himself on both the techniques so that he can identify great trading or investing opportunities.

1.3 – Setting expectations

Often market participants approach technical analysis as a quick and easy way to make a windfall gain in the markets. On the contrary, technical analysis is anything but quick and easy. Yes, if done right, a windfall gain is possible but in order get to that stage one has to put in the required effort to learn the technique.

If you approach TA as a quick and easy way to make money in markets, trading catastrophe is bound to happen. When a trading debacle happens, more often than not the blame is on technical analysis and not on the trader’s inability to efficiently apply Technical Analysis to markets. Hence before you start delving deeper into technical analysis it is important to set expectations on what can and cannot be achieved with technical analysis.

  1. Trades – TA is best used to identify short term trades. Do not use TA to identify long term investment opportunities. Long term investment opportunities are best identified using fundamental analysis. Also, If you are a fundamental analyst, use TA to calibrate the entry and exit points
  2. Return per trade – TA based trades are usually short term in nature. Do not expect huge returns within a short duration of time. The trick with being successful with TA is to identify frequent short term trading opportunities which can give you small but consistent profits.
  3. Holding Period – Trades based on technical analysis can last anywhere between few minutes and few weeks, and usually not beyond that. We will explore this aspect when we discuss the topic on timeframes.
  4. Risk ­– Often traders initiate a trade for a certain reason, however in case of an adverse movement in the stock, the trade starts making a loss. Usually in such situations, traders hold on to their loss making trade with a hope they can recover the loss. Remember, TA based trades are short term, in case the trade goes sour, do remember to cut the losses and move on to identify another opportunity.

Key takeaways from this chapter

  1. Technical Analysis is a popular method to develop a point of view on markets. Besides, TA also helps in identifying entry and exit points
  2. Technical Analysis visualizes the actions of market participants in the form of stock charts
  3. Patterns are formed within the charts and these patterns help a trader identify trading opportunities
  4. TA works best when we keep a few core assumptions in perspective
  5. TA is used best to identify short terms trades

204 comments

  1. HAWWA says:

    Wow, the way each and every phrase composed here is very easy to understand and interesting to learn further .
    Good Job….hats off!!!

  2. nageshsaru says:

    thanks you soo much zerodha for educating traders…

  3. iyengarnsv says:

    The lectures are vey good but it is very difficult to read the contents since the typed letters are very faint. Can you make it little dark. In my laptop my setting is ok.

  4. RP1600 says:

    Easy to understand

  5. avidan pell says:

    is there a way to download all the information in pdf format? like all the modules? I wouldnt mind paying a small fee for that

    thanks

    • Karthik Rangappa says:

      Hi Avidan…unfortunately PDFs may not be possible at this stage. Will keep you posted on it if we decide to do it in the future. Thanks.

  6. Rohit says:

    Fantastic illustration for the FA and TA concept ..simply loved it 🙂

  7. Satya says:

    Hi Karthik,
    Really appreciated efforts from you & Zerodha on this initiative.TA was rocket science for common retail trader so far but with this initiative it became a pocket science for us. Zerodha gonna surpass every player in this field in coming years for sure.
    Keep up the innovative work you guys doing.have a great year ahead.

  8. darb r says:

    complex jargons expalianed in such a simple manner that a layman like me can understand. it is much better than similar paid courses ( i had purchased one from hdfcsec). thanks a lot

  9. girish says:

    Dear sir..
    Doji robust strong uptredn indicator i searched is this correct na sir…….how to identify long bull run stock with a help of doji….recently i studied hitachi home stock, there i got doji open & close equal price……is this correct sir..? now i got in salzer electronics ltd same indicator..? how to confirm doji is strong bullish..?
    thanking you sir……
    regard’s
    girish

  10. metuladhia says:

    Hi, is there a way I can get a printer friendly version of any of the modules? It’s easier to read way. Do let me know.

    • Karthik Rangappa says:

      Not as of now. This is work in progress and as you may have noticed readers have been helpful in highlighting few typo errors. Over time Varsity will evolve and hopefully by then we should have a print friendly PDFs. For now, request you to stay tuned online 🙂

  11. iyengarnsv says:

    I have opened most of the lectures. The main problem is background colours are not good since letters are not clear. Even the lectures letters are very dim. Difficult to read. Please rectify.

    • Karthik Rangappa says:

      We are exploring an e-book or PDF option for Varsity, this will help I guess. Please give us some time for this. Thanks.

    • Ali says:

      Excellent way of writing Karthik – good read for both novice and experienced trader.

      Do you plan to add fundamental modeling of investment practice and programming for traders , and any other modules etc… originally mentioned in the zerodha varsity introduction post by nitin

  12. madhu nair says:

    karthik, was this a failed bullish harami? it was at support and the volumes were good too. the RSI is at oversold ,though the MACD crossover was negative. could it have failed due to the announcement of rights issue?

    • Karthik Rangappa says:

      Happy to note that you are following the checklist 🙂

      Yes, clearly this is a failed pattern. One rule that I personally follow – never trade a stock based on technicals when there is a fundamental news around it.

  13. Vikas.ghode says:

    To download printer friendly contents, copy paste contents once & create a book. Upload online & make me know abt. Also use google chrom > open this page > Cntr+P > select printer : ‘Save as PDF’ > Click ‘Save’ button > save in some folder > either read as PDF offline or take print outs( ignoring comments page, but they are also helpful, like questions of Arjun to Lord Krishna in ‘The Bhagwad Geeta’). This can be investors Geeta one day…

    • Karthik Rangappa says:

      Vikas as I said the official PDFs are going to be released soon, so please dont take the trouble of doing all this 🙂

      Also, not sure of this has the ability to become a Geeta for investors….but if it can lead investors and traders on the right path, helping them know what works and what does not work in the market then that will be the most satisfactory feeling for us at Zerodha!

  14. padwalshubham says:

    Please make this also available in pdf format. It will help a lot. I have poor Internet connection.
    Make this available in pdf format like the previous module 1.

  15. Haradhan Rishi says:

    when can we get the pdf? 🙂 much more convenient and handy. Loved the pdf for the 1st Module.

  16. RiaZ says:

    Hi can you help me abt swing trading – ichimoku lines, MACD etc

  17. I really like your blog! Very easy to follow.

  18. Yash Shekhar says:

    Can you please make these modules available in formats like .azw or .mobi for people with kindle to read your modules !
    Will be much helpful !

  19. RC Awasthi says:

    you Guys are rocking and i am so impressed with you the way you have given the candle knowledge.

  20. Shailey says:

    Kartik,
    Do patterns like wedge, pennant and double top have significance on intra-day charts too?
    PS- What percentage of capital can be possibly made on an intra-day basis? Today, I made 2.57% of my capital, would that be considered below average?

  21. Shailey says:

    Karthik,
    How do I select stocks for day trading? Should I look for 52 week high/low?
    Please do a module on day trading.

  22. Kiran says:

    Sir,
    I’ve seen you talking about derivative trading in one of the previous modules. Would you please elaborate on the term?
    I could only guess that this is something different from normal trading(CNC)

  23. Mandar Pandit says:

    Do you offer this entire Varsity stuff in Print as a Book. If yes, where can I purchase.

  24. [email protected] com says:

    Sir where i get the hard bound books material please guide

  25. vinod says:

    kartik i would appriciate if you cud also add up topic how to identify supply and demand zones.by the way thanks a lot.u are wonderful

  26. vinod says:

    kartik i m yet to get a reply. i mean to ask u i have heard ppl trading using demand and supply zones which are known to be very effective. can you teach us the same

  27. vinod says:

    ok thanks kartik

  28. navin says:

    Technical analysis can be applied for trading in commodity as short term and intraday? which is best way to learn to trade with commodity ?please help..thanks..guide me best way approach to learn with trading in commodity..

  29. arvind says:

    karthik sir there are so many technical indicators , one gives buy signal while other gives sell signal & it gets all confusing . is there a way to keep it simple in real world ?

  30. Anil says:

    Superb explanation if lecturers had taught like this I would have become IAS/IPS officer hahaha

  31. Shekar says:

    Hats off Karthik Sir!! Very easy to understand.. You should write books on Stock Markets and related topics..

  32. bharat says:

    Pls, hindi or gujrati me bhi ‘technical analysis’ banaye

  33. kranthi says:

    I am PROUD customer of ZERODHA since 2015 and wish you to continue this good work and educate people

  34. kieron says:

    What are chances of success trade using technical analysis out of 100
    It means how much successful trade can be done using TA OUT OF 100

  35. Nikhil Thadani says:

    Hi, do you have video content for the sessions? I read through and find it interesting, but would be easier to watch videos on the go.

  36. Ayush says:

    How trading terminal software is different from technical analysis software?

  37. abhishek says:

    index futures are eligible for pre-market orders?

  38. Karan says:

    Hey Karthik. Do you really think technical analysis is useful. You know, I mean, markets are dependent on news, traders are so irrational especially retail traders, they just buy and sell any stock without any logic, something which i think technical analysis cant spot. I am finding it hard to get the motivation to do technical analysis. What do you have to say ?

    • Karthik Rangappa says:

      Well, many traders out there follow technical analysis. If you think it does not work, then its all the more reason for you learn TA…because you will get an insight into how other trades would react to a certain situation…and you can take the opposite view 🙂

  39. Ravi Kumar BA says:

    I fell for the Analogy given for TA & FA. Very well written…Looking forward to read other topics!

  40. Ravi Kumar BA says:

    Karthik,

    Am tempted to ask this for self motivation and for others and Since you are an experienced guy in Markets..
    For a person like you, how many Intraday trades can you get right, say for every 10 trades you do??

    (Even if i can get half of those trades right, i will consider lucky!)

    • Karthik Rangappa says:

      I cannot afford to do intraday trades as time does not permit. However, I do have a 5-year-old portfolio of stocks and it’s doing alright. The real test of this portfolio is when we hit a bear market, it will be interesting to see how the portfolio reacts to market conditions. I do take up short term F&O trades…these are highly selective and I take these trades once in a way…maybe once in every 3 or 4 months….and luckily these trades have worked out quite well for me.

      • Ravi Kumar BA says:

        Thanks for that honest feedback…

        One question. I plan to use Double Crossover EMA for day trading through my Custom Application.
        What other Indicators i can use in conjunction with Double Crossover EMA to make the trades more predictable?

        Also, which time frames are better for Day trading: 5 by 10 or 15 by 30 points of 1 min interval or something else?

  41. vipin says:

    Now that UI has changed….How can I download the material?

  42. Ankur Agrawal says:

    Hey Karthik!

    I desperately want to learn to trade and make decent money from it. I have read all the varsity material and have taken some trades in the past but just could not make a profit.

    I am having a hard time believing that someone can make a living out of trading. Tell me is it really possible?

    What can I do to get better at trading.

  43. Aliakbar Ujjainwala says:

    How to download the PDF of the modules so that I read during travelling?

  44. keerthan kumar says:

    Hi Karthik,
    Great Content! couldn’t be better for the beginners.
    I’ve read the entire module TA, FA, Futures, options, and commodity.
    I want to learn more about these concepts and want to excel, please suggest me books for Technical Analysis, Fundamental analysis, Futures, and Options, to continue from here. Hope you reply, thanks a lot.

    Regards
    keerthan

    • Karthik Rangappa says:

      Glad you like the content, Keerthan 🙂

      There are many books out there. If options interest you then check out the book on Option Pricing and Volatility by Sheldon Natenberg.

  45. Lakshman S says:

    sir please help me to get Technical and Fundamental analysis pdf link

  46. yash says:

    Module 1 gave option of downloading pdf
    Why it is not there for moduld 2

  47. rohan bhandari says:

    How to know that at the end of the day FII have bought shares or sold and how can I check this info online?

  48. hardik_u87 says:

    Please allow us to download all the modules at once in a PDF format.Videos would be much better if possible as it makes it very easy to understand but anyways as of now downloading all the modules as PDF at once would be of much help.

    Thanks
    Hardik

    • Karthik Rangappa says:

      We have updated the PDFs for all modules except 5 and 9. 5 will be done next week, and 9 when the module is completed.

  49. Mohnish Khedsiya says:

    Hello Mr Nitin Kamath
    My client id ZM6422
    I dint found your email hence forward issue to you please help. Not getting proper response from customer support.
    Your answer is not justify..Can you please give clarity on my extra charges deducted.. already provided screenshot.. I have checked all the statement for that trade book profit loss statement as well ledger statement but Its not tally with account charges. Not justify,Where extra charges deducted, where is my money gone.

    Also new issue arise I bought 61 shares of RBLBANK on 14Aug17 @498.75 then why my holding shows avg price 515.40.

    Also want to add I sell @514.70 (8 shares)& @514.45 (53 shares) & buy @ 515.40 (61 shares)RBLBANK Intraday on 17Aug17. Occurred loss, and square off position.

    Then why my holding showing 515.40, why should I have been charged in loss for Intraday dated 17aug17.

    Horrible experience….Not giving proper response, reply awaited with proper justification..

    Because of your poor service I am in loss , feeling harassing…
    Poor service.

    Please correct my holding price as 498.75 or else give the financial loss refund due to your fault also refund my excess charged amount of date 26-07-2017.
    Rs1804.1.

    please clarify..Don’t give unnecessary response, please give response with clarity and calculation part.

    Thanks,
    Mohnish

    • Karthik Rangappa says:

      Mohnish, I’d request you to restrict yourself to queries related to the topics discussed in Varsity. Else, it will dilute its purpose. I’d request you to email [email protected] for this and one of my colleagues from support will respond to you.

      Also, if you have experienced any inconvenience last week, I’d like to apologize. As you may be aware, Bangalore was flooded and therefore our operations took a hit – https://zerodha.com/marketintel/Bulletin/432

  50. vishal says:

    hey zerodha,keep forwarding files like this…very useful.

  51. Nishil says:

    I am glad that you guys are sharing such an amazing knowledge on a click, which i had been searching for a long… your contents regarding stock markets are very point 2 point and in a legible Lehman language so that anyone can easily understand and that too without paying a penny(in 21th century!!!)… eager to read more such articles from you guys, it is worth more than money. Keep Educating US.

    • Karthik Rangappa says:

      Nishil, glad to hear that 🙂

      We love to educate our clients and share with them whatever we know, and we do it quite seriously 🙂

  52. muralidhar says:

    Hi Friends, im muralidhar … when i googling for the STOCK STUFF, i found your GOLD MINE… For new beginners like me , its like GOLD MINE , where we can Know Basics,Learn and Experiment our own ‘Test of Profits’. You enabled all the Paths, Code-Books all the Tools will help in Digging the mine. The only thing is , we just follow the things and work timely, then only get “The Taste”.

    Thank you – Zerodha

  53. Satish Singh says:

    I know it’s a little off the topic, but I just love the way things are presented here on this blog.
    Makes it so much easier to understand and follow.
    Is there a way I can use this theme for my personal blog?
    I did search online for a theme similar/matching to Varasity, but couldn’t find one.

  54. Manni00 says:

    Hi KARTHIK,

    First of all thanks of lot for doing such a wonderful job of educating us regarding financial markets and its various apects.
    I have gone through all of ur modules and they are the guidance which i was searching from a lot of time.
    I will request u to write a module on making systems and what should be the thought process behind making systems.
    As it is essential for a trader to develop own system for trading

  55. Deepu Pillai says:

    Compile all the chapters as a book. This is the next best thing any institutional investor needs as a pocket reader. I would personally recommend newbies to take a holistic approach towards every chapter, align your thoughts with the writer’s perspective, challenge it until you are satisfied with the answers and then run the first sprint towards investing.

  56. Dinesh Kukreja says:

    Thanks a ton !!! Keep up the Good Work

  57. Atul Gaur says:

    Thanks Karthik!
    Really great explanation….
    Things are made so simple and practical that I could absorb it maximum…..

  58. Manas says:

    Hey Karthik,

    Unrealted to the post,

    Are stop loss/ target triggers part of the active bids/offers that we see on kite?

    • Karthik Rangappa says:

      Yup. What you see on the bid-offer is just order placed on the exchange. They could be of any type – SL, fresh buy, fresh sell, disclosed, etc etc.

  59. Vemula says:

    Suggest best books for weekly trading of futures. (Holding period 2_4 days)

  60. Asim says:

    Hi Karthik ,

    are there video lessons also available for these classes?

  61. GOPALAKRISHNAN N says:

    Hi, Zerodha, keep forwarding files like this… Very useful.

  62. Jinal says:

    Can you explain: ‘Never trade a stock based on Technicals when there is a Fundamental news around it’

    Thank you

  63. james bond says:

    great analogy couldn’t be better, Zerodha please give the author a cookie 🙂

  64. Madhav says:

    Hi Kartik,

    How to read up or down movement for any particular script at 9.07 am based on pre-open market prices..

    • Karthik Rangappa says:

      You cannot, you will have to wait for the market to open to see the direction. However, you can get a sense of what may happen upon open if you track the news which impacts this stock.

      • Madhav Ketkar says:

        Thnxs for your reply. Kartik. just one guidance required…
        yesterday (05.01.2018) the movement in Yes bank–Indusind-Bharti-Tata steel-Bajaj finance has taken place during the day. How one can get into the “Moving Bus” …How I would have made money in above scripts yesterday or at what time should I have taken the trade or what are the tools to confirm the “Strength” in these scripts for yesterday trade. Did you get what I want to ask ????

        • Karthik Rangappa says:

          Madhav, you should have tracked the stock and initiated a position. Usually, when I’m in such a situation, I look for low volume retracements (probably upto the 9 day EMA) and try and get into the trade.

  65. Hemprasanth says:

    Hi Karthik,
    Why is there a difference between previous day’s close and today’s opening price of a stock? What happens during different trading sessions?

  66. Shamsher Bahadur says:

    I already have a demat account elsewhere, can also open one with zerodha? I mean can one use two demat accounts?
    If yes, do I need to inform old broker that I have started using another demat with other broker?

  67. NAJEEB T P says:

    Hello Karthik,
    Congrats to your write up in moneycontrol news.Expecting more write ups there

  68. prasanthbab says:

    Is it possible for you to prepare and upload notes about trends and patterns to have better clarity?

    • Karthik Rangappa says:

      Going forward, I plan to put up few notes related to markets on tradingqna. Request you to kindly keep a track. Thanks.

  69. Nitin joshi says:

    Dear kartik sir ur best in explaining . Which are indicators required for swing treading ?because there arelots of indicators.

  70. Rahul Pol says:

    Great stuff man. I really enjoyed the article. I have a technical request though, can you please enable TTS(text to speach) facility on the articles.

  71. sainathramesh says:

    sir,
    could you kindly clarify how to decide if the candle body is small or big. in your lessons it is said that if candle body is less than 1% of range or more than 10% range, dont trade. how to calculate this 1% adn 10%. i was not very clear from the varsity notes. kindly clarify

    thanks
    sainath ramesh
    12 may, 2018

    • Karthik Rangappa says:

      YOu need to calculate the range for this. YOu can do the same by taking the difference between open and close divided by open. Please be aware that there are other valid ways to calculate range, this is just one of them.

  72. juvin says:

    One suggestion:
    please include the Indian stock market timings and its categories.
    Like, per -ope , post open etc..

  73. Megha says:

    Hello Zerodha Team,

    Thanks a lot for your efforts to educate people in such a simple way. Each & every term is defined in very easy language which is
    very useful for beginners & creates interest to learn.
    Thanks once again.Keep it up.

  74. Mangesh Baxi says:

    One suggestion to you Karthik. Often people ask some high funda questions about which nothing is mentioned in the content. This puts unnecessary confusion in minds of newbies like me. At times some incorrect notions may also be formed. Thus rather than providing these people a link (to your other module) , kindly shift the question all together to that module.

  75. rishav singh says:

    how can i watch vedio lectures?

  76. ABHINANDAN SHARMA says:

    i do intraday trading how to use candle sticks means what time frame i use for single n multiple candle sticks

  77. Ravikumar says:

    HI Karthik,

    Your way of explaining is really good, Hence I must say ur a good Writter (Teacher). so get deep into this if you have written a book on this let me know or if you could assist a book with comlete or wide information could really help me.

    Thanks
    Ravi

  78. Saurabh says:

    Can you write all modules in Hindi for Low Level English Student.

  79. Manikanth Reddy says:

    This is a great initiative from your end. Information here is crisp and could be understood easily.
    Hats off for your efforts.! Keep up with the great work .!! 🙂

    Thank you

  80. vikram jain says:

    Hello Zerodha Team,

    Thanks a lot for your efforts to educate people in such a simple way. Each & every term is defined in very easy language which is
    very useful for beginners & creates interest to learn.

  81. Chaitanya Nimavat says:

    PDF Copy are updated with latest changes. Can i use this ?

  82. divyesh patel says:

    Hi Karthik sir
    How personally you recommend Technical Analysis to be worked on the scrip price
    if a person having good TA knowledge, how well he can perform
    and yes, Really TA works on Scrip price ?
    How well do you personally recommend it…
    hoping a descriptive honest answer from you sir instead of generic answer…cheers thanks btw for content

    • Karthik Rangappa says:

      Divyesh, as you can see, the concepts are quite straightforward. The success of this really depends on the way you implement this on the scrip.

  83. Suresh says:

    Do you have a book which is having complete zerodha varsity? can I get it ?

  84. Bhavya says:

    The phrasing of the text is excellent and the examples given is also vey good.
    Hope you continue to educate the traders

  85. Dr A P Sarath Kumar says:

    please let me know where i can find the educational videos of technical analysis
    regards
    sarath

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