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The project is all about how the Technical Analysis and how its indicators
helps in analyzing the investment decision. The duration we had taken is of
one year i.e. 1st April, 2010 to 31st March, 2011. We had taken randomly 10
Indicators. These indicators suggest that when to exit and when to enter in the
script and also indicate the market scenario. Here we had taken top 5 BSE
companies on the basis market capitalization. Those companies are1) Infosys
2) NTPC
3) Reliance Industries
4) State Bank of India
5) Tata Consultancy
Our research part shows that as per technical analysis chart, we had found
primary trend and secondary trend of the stock and even many candle stick
pattern and chart pattern. This pattern helps the investors to take the decision
of buying and selling.
From our research work we suggest that out of five companies - Infosys, SBI
& TCS is the best companies to invest.
Evolution
Indian Stock Markets are one of the oldest in Asia dates back to nearly 200
years ago. By 1830's business on corporate stocks and shares in Bank and
Cotton presses took place in Bombay. Trading list was broader in 1839, there
were only half a dozen brokers recognized by banks and merchants during
1840 and 1850. The 1850's witnessed a rapid development of commercial
enterprise and brokerage business attracted many men into the field and by
1860 number of brokers increased in 60.
In 1860-61 the American Civil War broke out and cotton supply from United
States of Europe was stopped; thus, the 'Share Mania' in India begun. The
number of brokers increased to about 200 to 250. However, at the end of the
American Civil War, in 1865, a disastrous slump began (for example, Bank of
Bombay Share which had touched Rs 2850 could only be sold at Rs. 87).
At the end of the American Civil War, the brokers who thrived out of Civil War
in 1874, found a place in a street (now appropriately called as Dalal Street)
where they would conveniently assemble and transact business. In 1887, they
formally established in Bombay, the "Native Share and Stock Brokers'
Association" (which is alternatively known as "The Stock Exchange"). In 1895,
the Stock Exchange acquired a premise in the same street and it was
inaugurated in 1899. Thus, the Stock Exchange at Bombay was consolidated.
Other leading cities in stock market operations, Ahmedabad gained
importance next to Bombay with respect to cotton textile industry. After 1880,
many mills originated from Ahmedabad and rapidly forged ahead. As new
mills were floated, the need for a Stock Exchange at Ahmedabad was realized
and in 1894 the brokers formed "The Ahmedabad Share and Stock Brokers'
Association".
What the cotton textile industry was to Bombay and Ahmedabad, the jute
industry was to Calcutta. Also tea and coal industries were the other major
industrial groups in Calcutta. After the Share Mania in 1861-65, in the 1870's
there was a sharp boom in jute shares, which was followed by a boom in tea
shares in the 1880's and 1890's; and a coal boom between 1904 and 1908.
On June 1908, some leading brokers formed "The Calcutta Stock Exchange
Association".
In the beginning of the twentieth century, the industrial revolution was on the
way in India with the Swadeshi Movement; and with the inauguration of the
Tata Iron and Steel Company Limited in 1907, an important stage in industrial
3
advancement under Indian enterprise was reached. Indian cotton and jute
textiles, steel, sugar, paper and flour mills and all companies generally
enjoyed phenomenal prosperity, due to the First World War. In 1920, the then
demure city of Madras had the maiden thrill of a stock exchange functioning in
its midst, under the name and style of "The Madras Stock Exchange" with 100
members. However, when boom faded, the number of members stood
reduced from 100 to 3, by 1923, and so it went out of existence.
In 1935, the stock market activity improved, especially in South India where
there was a rapid increase in the number of textile mills and many plantation
companies were floated. In 1937, a stock exchange was once again
organized in Madras - Madras Stock Exchange Association (Pvt.) Limited.
Lahore Stock Exchange was formed in 1934 and it had a brief life. It was
merged with the Punjab Stock Exchange Limited, which was incorporated in
1936.
Indian Stock Exchanges - An Umbrella Growth
The Second World War broke out in 1939. It gave a sharp boom which was
followed by a slump. But, in 1943, the situation changed radically, when India
was fully mobilized as a supply base. On account of the restrictive controls on
cotton, bullion, seeds and other commodities, those dealing in them found in
the stock market as the only outlet for their activities. They were anxious to
join the trade and their number was swelled by numerous others.
Many new associations were constituted for the purpose and Stock
Exchanges in all parts of the country were floated. The Uttar Pradesh Stock
Exchange Limited (1940), Nagpur Stock Exchange Limited (1940) and
Hyderabad Stock Exchange Limited (1944) were incorporated. In Delhi two
stock exchanges - Delhi Stock and Share Brokers' Association Limited and
the Delhi Stocks and Shares Exchange Limited - were floated and later in
June 1947, amalgamated into the Delhi Stock Exchange Association Limited.
Primary market:Securities available for first time are offered through the primary securities
markets. The issuer may be a brand-new company or one that has been in
business for many years. The securities offered may be a new type for the
issuer of additional amounts of a securities used frequently in the past. In
primary market funds are mobilized in the primary market through prospectus,
rights issues, and private placement.
Secondary market:Once new issues have been purchased by investors, they change hands in
the secondary markets. This market also known as stock market. In India the
5
Bombay Stock Exchange Limited is the oldest stock exchange in Asia. It was
established as "The Native Share & Stock Brokers Association" in 1875. It is
the first stock exchange in the country to obtain permanent recognition in
1956 from the Government of India under the Securities Contracts
(Regulation) Act, 1956.The Exchange's pivotal and pre-eminent role in the
development of the Indian capital market is widely recognized and its index,
SENSEX, is tracked worldwide. Earlier an Association of Persons (AOP), the
Exchange is now a demutualised and corporatized entity incorporated under
the provisions of the Companies Act, 1956, pursuant to the BSE
(Corporatization and Demutualization) Scheme, 2005 notified by Securities
and Exchange Board of India.
With demutualization, the trading rights and ownership rights have been delinked effectively addressing concerns regarding perceived and real conflicts
of interest. The Exchange is professionally managed under the overall
direction of the Board of Directors. The Board comprises eminent
professionals, representatives of Trading Members and the Managing Director
of the Exchange.
The Exchange has a nation-wide reach with a presence in 417 cities and
towns of India. The systems and processes of the Exchange are designed to
safeguard market integrity and enhance transparency in operations. During
the year 2004-2005, the trading volumes on the Exchange showed robust
7
Figure 1.3 (a) BSE Sensex figure from Apr. 2010 to March 2011
(Source: www.icharts.com)
Table 1.3 (a) 30 Company of BSE
SECTOR
NAME
Bajaj Auto
Transport Equipments
Bharti Airtel
Telecom
BHEL
Capital Goods
Cipla
Healthcare
DLF
Realty
HDFC
Finance
HDFC Bank
Finance
Hero Honda
Transport Equipments
Hindalco
Metal, Metal product & Mining
HUL
FMCG
ICICI Bank
Finance
Infosys Technology
Information Technology
ITC
FMCG
Jaiprakash Asso
Construction & Engineering
JIndal Steel
Metal, Metal product & Mining
Larsen & Toubro
Construction & Engineering
Mah & Mah
Transport Equipments
Maruti Suzuki
Transport Equipments
NTPC
Power
ONGC
Oil & Gas
Reliance Communication
Telecom
Reliance industries
Oil & Gas
9
Reliance Infrastructure
SBI
Sterlite Ind.
Tata Motors
Tata Power
Tata Steel
TCS
Wipro
Infrastructure
Banking & Finance
Industrial Metals & Minerals
Transport Equipments
Electric Utilities
Metal, Metal product & Mining
Information Technology
Information Technology
NSE believes that technology will continue to provide the necessary impetus
for the organization to retain its competitive edge and ensure timeliness and
satisfaction in customer service. In recognition of the fact that technology will
continue to redefine the shape of the securities industry, NSE stresses on
innovation and sustained investment in technology to remain ahead of
competition. NSE's IT set-up is the largest by any company in India. It uses
satellite communication technology to energies participation from around
320 cities spread all over the country.
In the recent past, capacity enhancement measures were taken up in regard
to the trading systems so as to effectively meet the requirements of
increased users and associated trading loads. With up gradation of trading
hardware, NSE can handle up to 6 million trades per day in Capital Market
segment. In order to capitalize on in-house expertise in technology, NSE set
up a separate company, NSEIT, in October 1999. This is expected to provide
a platform for taking up new IT assignments both within and outside India
and attaining global exposure.
NEAT is a state-of-the-art client server based application. At the server end,
all trading information is stored in an in-memory database to achieve
minimum response time and maximum system availability for users. The
trading server software runs on a fault tolerant STRATUS main frame
computer while the client software runs under Windows on PCs.
NSE is one of the largest interactive VSAT based stock exchanges in the
world. Today it supports more than 3000 VSATs. The NSE- network is the
largest private wide area network in the country and the first extended CBand VSAT network in the world. Currently more than 9000 users are trading
on the real time-online NSE application. There are over 15 large computer
systems which include non-stop fault-tolerant computers and high end UNIX
servers, operational under one roof to support the NSE applications. This
coupled with the nationwide VSAT network makes NSE the country's largest
Information Technology user.
11
(Source: www.icharts.com)
12
The financial scene is worldwide. The crisis had left the stock market in a
deep crisis. It is slowly regaining its breath and there are now investments
made all through the world. Stock brokers as well as general public are
making money out of investing in shares and stocks. The financial trauma that
all of us faced are over and the recovery of the market is now being
witnessed. Throughout the world the market is limping back to its normal
trading life, as compared to other financial markets all over the world, the
Indian stock market came back to life quite fast.
The Indian Stock Market is the undisputed leader in the Asias market. It has a
reputation among the foreign institutions. During the past few years from the
time of crash in 2004 there have been many swings in the Indian stock
market. But, the gains from the market have been quite modest. The traders
have made money by investing in shares and stocks and have made
handsome profits. The rate of inflation in India is high so the brokers are more
interested in selling than in buying stocks. The FDIs have also reduced
considerably and the market has seen a rigorous financial critical condition.
Now the financial scenario of Indian stock market is on the road to recovery
and is getting back its lost sight. In recent times market is gaining and has
reached 17000 points and so is now looking towards a ray of hope. Take
investors investment seriously and dont treat investor to ups and downs as
the bad part has gone. However, be ready for the good and bad points of the
stock
market
investment.
Investor should have proper investment guidance as it will work like magic for
him if they are trading shares in share market. Investor should have all the
latest information ready with him. Investor need stock quotes, stock updates,
daily stock alerts and every other information related to stock/stocks.
1.6 REGULATORY
ENVIROMENT
13
1.6.1 Legislation
The four main legislations governing the securities market are:
The Securities Contracts (Regulation) Act, 1956, preventing
transactions in securities by regulating the business of dealing
insecurities.
The Companies Act, 1956, which is a uniform law relating to
companies throughout India.
The SEBI Act, 1992 for the protection of interests of investors and for
promoting development of and regulating the securities market.
The Depositories Act, 1996 which provides for electronic maintenance
and transfer of ownership of dematerialized securities.
1.6.2 Regulators
The regulators ensure that the market participants behave in a desired
manner so that the securities market continues to be a major source of
finance for corporate and government and the interest of investors are
protected. The responsibility for regulating the securities markets shared by
Department of Economic Affairs (DEA), Department of Company Affairs
(DCA), Reserve Bank of India (RBI), Securities and Exchange Board of India
(SEBI) and Securities Appellate Tribunal (SAT).
14
15
16
NTPC Limited engages in the generation and sale of bulk power to state
power utilities in India. It also provides consultancy and other services,
including engineering, project management, construction management, and
operation and maintenance services for power plants.
In addition, the company engages in the exploration and development of oil
and gas, as well as in coal mining business. It has an installed capacity of
approximately 32,194 megawatts; and 15 coals based power stations and 7
gas based power stations, as well as has 4 power stations in joint ventures.
NTPC Limited was founded in 1975 and is based in New Delhi, India.
Following Table 2.2 shows the complete profile of NTPC.
2.2 Company profile of NTPC
Scrip ID
NTPC
Scrip Code
532555
Group
A
Face Value
10.00
Industry
Electric Utilities
ISIN
INE733E01010
Impact Cost
0.07%
Market Lot
1
Listing Date
NA
Dividend History (Rs.)
07-Feb-2011
3.00
11-Sep-2010
0.80
19-Mar-2010
3.00
05-Sep-2009
0.80
30-Jan-2009
2.80
17
18
State Bank of India, together with its subsidiaries, provides various banking
products and services in India and internationally. Its personal banking
products and services include deposit schemes, such as current accounts,
savings accounts, term deposits, and recurring deposits; and loans that
comprise housing loans, car loans, educational loans, personal loans, loans
for pensioners, loans against shares and debentures, festival loans, and travel
loans, as well as mobile banking and demat services, automated teller
machine (ATM) services, gift cards and cheques, Internet banking, foreign
inward remittance, safe deposit lockers, and foreign travel cards.
In addition, it offers international banking products and services consisting of
trade finance, correspondent banking, merchant banking, project export
finance, exporter gold cards, treasury, and offshore banking services; and life
insurance, merchant banking, mutual funds, credit cards, factoring, security
trading, pension fund management, and primary dealership in the money
market. The company was founded in 1806 and is based in Mumbai, India.
Following Table 2.4 shows the complete profile of SBI.
2.4 Company profile of SBI
Scrip ID
SBI
Scrip Code
500112
Group
A
Face Value
10.00
Industry
Banks
ISIN
INE062A01012
Impact Cost
0.02%
Market Lot
1
Listing Date
NA
Dividend History (Rs.)
11-Jun-2010
20.00
09-Feb-2010
10.00
12-Jun-2009
29.00
02-Jun-2008
21.50
20
3.1 INTRODUCTION
11 21
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 (some time called chartist) are only interested in the
price movement 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 limitation of technical analysis it can give you a new set of tools or skills
than will enable you to better trader or investor
At the turn of the century, the Dow Theory laid the foundations for what was
later to become modern technical analysis. Dow Theory was not presented as
one complete amalgamation, but rather pieced together from the writings of
Charles Dow over several years.
3.4.1 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 a time, a stock price reflects everything that has or
could affect the company- including Fundamental Factors. Technical analysts
believe that the companys fundamentals, along 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
supply and demand for a particular stock in the market.
3.4.2 Prices Movements are not totally random
Most technicians agree that prices trend. However, most technicians also
acknowledge that there are periods when prices do not trend. If prices were
always random, it would be extremely difficult to make money using technical
analysis.
"One way of viewing it is that markets may witness extended periods of
random fluctuation, interspersed with shorter periods of nonrandom behavior.
The goal of the chartist is to identify those periods (i.e. major trends)."
A technician believes that it is possible to identify a trend, invest or trade
based on the trend and make money as the trend unfolds. Because technical
analysis can be applied to many different timeframes, it is possible to spot
both short-term and long-term trends. The broad trend is up, but it is also
interspersed with trading ranges. In between the trading ranges are smaller
up trends within the larger uptrend.
3.4.3 What is more important than why?
"A technical analyst knows the price of everything, but the value of nothing".
Technicians, as technical analysts are called, are only concerned with two
things:
1. What is the current price?
2. What is the history of the price movement?
23
The price is the end result of the battle between the forces of supply and
demand for the company's stock. The objective of analysis is to forecast the
direction of the future price. By focusing on price and only price, technical
analysis represents a direct approach. Fundamentalists are concerned with
why the price is what it is. For technicians, the why portion of the equation is
too broad and many times the fundamental reasons given are highly suspect.
Technicians believe it is best to concentrate on what and never mind why.
Why did the price go up? It is simple, more buyers (demand) than sellers
(supply).
3.4.4 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.
3.4.5 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
movement 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 chats patterns to analyze market movements
and understand trends. Although many of these figures have been use for
more than 100 years they are still believed to be relevant because they
illustrate patterns in price movements that often repeat.
24
25
Many traders and investors believe that candlestick figures are easy to read,
especially the relationship between the open and the close. White (clear)
candlesticks form when the close is higher than the open and black (solid)
candlesticks form when the close is lower than the open. The white and black
portion formed from the open and close is called the body (white body or
black body). The lines above and below are called shadows and represent the
high and low.
3.5.4 Point & Figure:
The figuring methods shown above all plot one data point for each period of
time. No matter how much price movement, each day or week represented is
one point, bar or candlestick along the time scale. Even if the price is
unchanged from day to day or week to week, a dot, bar or candlestick is
plotted to mark the price action. Contrary to this methodology, Point & Figure
Figures are based solely on price movement and do not take time into
consideration.
26
27
There are many patterns that can be used in technical analysis, and many
ways to present them. Some of the important pattern is described following
way.
3.7.1 Triangle
The "classical" triangle has at least 5 waves, and the breakthrough happens
at about 2/3 of the horizontal size of a triangle. It is not enough for the price to
touch the side of a triangle, the price bar must close outside the triangle, and
otherwise researcher might have a false signal.
Symmetrical triangles
This pattern can be considered as a sign that the market is "uncertain" in
which direction to move. Both buyers and sellers are pushing the price
towards some middle value. As it happens the volume usually is decreasing
as everybody is waiting for the price to break out of the triangle. The moment
it happens, the volume is usually increasing - due to psychological reasons. It
seems that the triangle usually does not change the trend - if the price was
going up, then it is most probable that it will break up from the triangle and
vice versa.
Ascending triangles
This pattern is a variation of the Symmetrical triangle. Think of it in terms of
"increasing pressure up and constant pressure down". As the pattern is
forming, the volume is diminishing, and when the breakthrough occurs, the
pattern is usually expanding. It is a useful (but not mandatory) confirmation.
28
Descending triangles
This pattern is a variation of Symmetrical triangle. Think of it in terms of
"increasing pressure down and constant pressure up. Length of pattern
should be somewhere between few weeks and few months. As the pattern is
forming, the volume is diminishing, and when the breakthrough occurs, the
pattern is usually expanding. It is a useful (but not mandatory) confirmation.
The price projection equals the maximum height of the triangle, measured
from the resistance breakout point.
29
30
31
32
The First and Third peaks are shoulders, and second peak forms the head.
3.7.9 Support
The price which is historically, a stock had difficulty falling below. It is thought
of as the level at which a lot of buyers tend to enter the stock. Often refers to
as the Support Level.
Support Level
3.7.10 Resistance
The Price at which a stock or market can trade, but which it cannot exceed,
for a certain period of time. Often refers to as Resistance Level.
34
35
3.8 ACCUMULATION
DISTRIBUTION LINE
3.8.1 Introduction
Developed by Marc Chaikin, the Accumulation Distribution Line is a volumebased indicator designed to measure cumulative flow of money into and out of
a security. Chaikin originally referred to indicator as the Cumulative Money
Flow Line. As with cumulative indicators, the ADL is running total of each
period's Money Flow Volume.
3.8.2 Calculation
There are three steps to calculating ADL. First, calculate the Money Flow
Multiplier. Second, multiply this value by volume to find the Money Flow
Volume. Third, create a running total of Money Flow Volume to form the
Accumulation Distribution Line.
1. Money Flow Multiplier = [(Close - Low) - (High - Close)] / (High - Low)
2. Money Flow Volume = Money Flow Multiplier x Volume for the Period
3. ADL = Previous ADL + Current Period's Money Flow Volume
Money Flow Multiplier fluctuates between +1 & -1. As such, it holds the key to
the Money Flow Volume & the Accumulation Distribution Line. The
Accumulation Distribution Line rises when multiplier is positive and falls when
multiplier is negative. The following table 3.8 (a) shows calculation of ADL.
Table 3.8 (a): Calculation of ADL
Date
Open
High
Low
Close
3/1/201
1
3/3/201
1
331.
6
335.
5
340.
2
338.
4
321.
85
327.
55
337.
85
330.
7
3/4/201
1
334
334
324.
65
326.
75
-0.55
2527
00
3/7/201
1
3/8/201
1
3/9/201
1
3/10/20
11
3/11/20
11
324
326
331.
8
329.
75
334.
75
336.
5
331.
8
331.
65
323.
95
334.
2
332.
3
329.
7
322.
85
0.41
325
319.
05
323.
2
330.
35
327
2176
00
2080
00
1394
00
8270
0
1802
00
3/14/20
11
321.
8
323.
85
319.
2
321.
55
0.01
2466
00
3/15/20
11
3/16/20
318.
7
313.
321.
1
322.
309
314.
2
320.
-0.1
3466
00
3379
335
321
313.
MF
Multipli
er
0.74
-0.42
0.90
-0.37
0.12
-0.65
0.55
36
Volum
e
5712
00
2576
00
Money
flow
Volume
424898.0
9
108025.8
1
139187.7
0
89231.65
188190.4
8
-51000
10337.5
117595.3
1
2651.61
-48695.87
186034.8
Acc-Dist
Line
316872.2
9
247213.5
1
49956.05
277422.1
3
137190.4
8
-40662.5
107257.8
1
114943.6
9
46044.25
137338.9
11
3/17/20
11
55
318.
05
45
324.
45
55
316.
1
45
318.
3
3/18/20
11
320.
7
323.
7
317
317.
9
-0.73
2628
00
3/21/20
11
318.
15
321.
3
316.
3
317.
35
-0.58
1611
00
3/22/20
11
3/23/20
11
3/24/20
11
3/25/20
11
3/28/20
11
3/29/20
11
3/30/20
11
3/31/20
11
318.
5
324.
2
331
326.
9
331.
3
334.
75
340.
7
350
318.
5
324.
2
327
325.
85
330.
4
332.
9
339.
1
347.
8
359.
5
359.
25
357.
05
0.75
2344
00
1336
00
1390
00
2300
00
7228
00
8576
00
3006
00
7785
00
335
340.
3
346
360
358.
4
364
361.
45
359.
5
332.
2
334.
5
345
355
352
-0.47
0.75
0.52
0.62
0.72
0.53
0.32
0.35
00
3955
00
3
187092.8
1
192197.0
1
-93438
175800
99729.58
72638.71
143411.7
6
517618.0
6
451368.4
2
95539.53
3152925
6
-1057.98
379289.8
3
285635.0
1
82362
275529.5
8
172368.2
9
216050.4
7
661029.8
3
968986.4
9
546907.9
6
3248464.
53
3.8.3 Interpretation
Trend is pretty straight-forward concept. Uptrend in Accumulation Distribution
Line shows strength which shows uptrend on the price figure and downtrend
in ADL shows weakness which defines downtrend on the price figure.
37
3.8.4
3.8.5 Conclusions
The Accumulation Distribution Line can be used to gauge the general flow of
volume. An uptrend indicates that buying pressure is prevailing on a regular
basis, while a downtrend indicates that selling pressure is prevailing.
3.9.2 Calculation
Bollinger Bands consist of
38
3.9.3 Parameters
Parameters can be adjusted to suit the characteristics of particular securities
or trading styles. The choice for the average is a simple moving average, but
other types of averages can be employed as needed. A simple moving
average is used because a simple moving average is used in the standard
deviation formula. Exponential moving averages are a common second
choice. Changing the number of periods for the moving average also affects
the number of periods used to calculate the standard deviation.
Only small adjustments are required for standard deviation multiplier. An
increase in the moving average period would automatically increase the
number of periods used to calculate the standard deviation and also increase
in the standard deviation multiplier. With a 20-day SMA and 20-day Standard
Deviation, the standard deviation multiplier is set at 2. Bollinger suggests
increasing the standard deviation multiplier to 2.1 for a 50-period SMA and
decreasing the standard deviation multiplier to 1.9 for a 10-period SMA.
Bollinger Bands use the population method of calculating standard deviation,
thus the proper divisor for the sigma calculation is n, not n 1.
3.9.4 Interpretation
W-Bottoms
"W-Bottom" forms in a downtrend & involves 2 reaction lows. In particular,
Bollinger looks for W-Bottoms where second low is lower than the first, but
holds above the lower band. There are 4 steps to confirm a W-Bottom with
Bollinger Bands. First, a reaction low forms. This low is usually, but not
always, below lower band.
Second, there is a bounce towards the middle band. Third, there is a new
price low in the security this low holds above the lower band. The ability to
hold above the lower band on the test shows less weakness on the last
decline. Fourth, the pattern is confirmed with a strong move off the second
low and a resistance break. This is a warning sign. The inability of the second
reaction low to reach the upper band shows waning momentum, which can
foreshadow a trend upward. Final confirmation comes with a resistance level
break or bull indicator signal.
39
M-Tops
M-Top is similar to a double top. However, the reaction highs are not always
equal. The first high can be higher or lower than the second high. This is
basically the opposite of the W-Bottom. A non-confirmation occurs with three
steps.
First, a security forges a reaction high above the upper band. Second, there is
a pullback towards the middle band. Third, prices move above the prior high,
but fail to reach the upper band. This is a warning sign. The inability of the
second reaction high to reach the upper band shows waning momentum,
which can foreshadow a trend reversal. Final confirmation comes with a
support break or bearish indicator signal.
40
The upper band is 2 standard deviations above the 20-period simple moving
average. It takes a pretty strong price move to exceed this upper band. An
upper band touch that occurs after a Bollinger Band confirmed W-Bottom
would signal the start of an uptrend. Just as a strong uptrend produces
41
numerous upper band tags, it is also common for prices to never reach the
lower band during an uptrend. The 20-day SMA sometimes acts as support. In
fact, dips below the 20-day SMA sometimes provide buying opportunities
before the next tag of the upper band.
3.9.6 Conclusions
Bollinger Bands reflect direction with the 20-period SMA and volatility with the
upper/lower bands. As such, they can be used to determine if prices are
relatively high or low. According to Bollinger, the bands should contain 88-89%
of price action, which makes a move outside the bands significant. Relatively
high should not be regarded as bearish or as a sell signal. Likewise, relatively
low should not be considered bullish or as a buy signal. Prices are high or low
for a reason. As with other indicators, Bollinger Bands are not meant to be
used as a standalone tool.
3.10.1
Introduction
42
There are two Bollinger Bandwidths are derived from the Bollinger band. One
is the Normalized Bandwidth and second one is the Non-normalized
Bandwidth. Normalized Bollinger Bandwidth is shows in the market carpet.
This allows users to compare Bandwidth for a number of securities. Nonnormalized Bandwidth measures the distance, or difference, between the
upper band and the lower band. Bandwidth decreases as Bollinger Bands
narrow and increases as Bollinger Bands widen. Because Bollinger Bands are
based on the standard deviation, falling Bandwidth reflects decreasing
volatility and rising Bandwidth reflects increasing volatility.
It is important to remember that non-normalized Bandwidth varies according
to security's volatility and price. A Bandwidth value of 5 would be considered
narrow for $100 a stock, but wide for a Rs. 30 stock. Five is 5% of 100, but
16.6% of 30. Usually, Bandwidth is considered low (narrow) when it is 5-10%
of a security's price. Low Bandwidth for a Rs. 50 stock would range from 2.5
to 5, while low Bandwidth for a Rs. 20 stock would range from .50 to 1.
Depending on underlying volatility, the definition of narrowness varies from
stock to stock. Narrow Bandwidth can also be gauged relative to prior
Bandwidth values over a period of time. It is important to get a good look-back
period to define Bandwidth range. For example, a one year figure will show
Bandwidth highs and lows over a significant timeframe. Bandwidth is
considered narrow as it approaches it the lows of its one year range and high
as it approaches the highs of its range.
3.10.2
Calculation
3.10.3
Parameter
The parameters for Bandwidth is based on the default setting for Bollinger
Bands (20,2). In other word, we can say that the parameter for Bandwidth is
same as the parameter used in the Bollinger Band.
3.10.4
Bollinger Bandwidth is best for identifying The Squeeze. This occurs when
volatility falls to a very low level, as evidenced by the narrowing bands. The
upper and lower bands are based on the standard deviation, which is a
measure of volatility. Therefore, volatility contracts as the bands narrow. The
bands narrow as price flattens or moves within a relatively narrow range. The
theory is that periods of low volatility are followed by periods of high volatility.
Relatively narrow Bandwidth (Squeeze) can foreshadow a significant advance
43
or decline. After a Squeeze, a price surge and subsequent band break signal
the start of a new move. A new advance starts with a Squeeze and
subsequent break above the upper band. A new decline starts with a Squeeze
and subsequent break below the lower band.
The Squeeze can also be applied to weekly figures or longer timeframes.
Volatility and Bandwidth on weekly figures is higher than on the daily figure.
This makes sense because larger price movements can be expected over
longer timeframes. The low Bollinger width alert traders that stock price will
goes up. So it is better option to them to purchase security at low Bollinger
band, if stock price is not break the lower band. If stock price is break the
lower band then it is better to sell the security.
3.10.5
Conclusions
The Bandwidth indicator can be used to identify the Bollinger Band Squeeze.
When Bollinger width is increase the Bollinger band is wider. The upper band
and lower band based on the standard deviation and which is shows volatility.
So researcher concludes that when Bollinger width increase the volatility will
be increase which shows increase in the stander deviation. This alerts chartist
to prepare for a move, but direction depends on the subsequent band break.
A Squeeze and break above the upper band is bullish, while a Squeeze and
break below the lower band is bearish. Be careful for head-fakes though.
Sometimes the first break fails to hold as prices reverse the other way. Strong
breaks hold and seldom look back. An upside breakout followed by an
immediately pullback should serve as a warning.
3.11.1 Introduction
44
3.11.2 Calculation
There are 4 steps to calculating Chaikin Money Flow. The example below is
based on 20-periods. First, calculate Money Flow Multiplier for each period.
Second, multiply this value by period's volume to find Money Flow Volume.
Third, sum Money Flow Volume for 20 periods & divide by 20 period sum of
volume
1. Money Flow Multiplier = [(Close - Low) - (High - Close)] /(High - Low)
2. Money Flow Volume = Money Flow Multiplier x Volume for the Period
3. 20-period CMF = 20-period Sum of Money Flow Volume / 20 period Sum of Volume
Each period's Money Flow Volume depends on the Money Flow Multiplier.
This multiplier is positive when the close is in the upper a half of the period's
high-low range and negative when the close is in the lower half. The multiplier
equals 1 when the close equals the high and -1 when the close equals the
low. In this way the multiplier adjusts the amount of volume that ends up in
Money Flow Volume. Volume is in effect reduced unless the Money Flow
Multiplier is at its extremes (+1 or -1). Table 3.11 (a) shows calculation of
CMF of Cipla.
Open
300
High
306.
Low
300
Close
305.
MF
Multipli
er
0.86
45
Volum
e
12194
MF
Volume
1047921.
20-period
CMF
1
3/3/201
1
3/4/201
1
3/7/201
1
3/8/201
1
3/9/201
1
3/10/20
11
3/11/20
11
3/14/20
11
3/15/20
11
3/16/20
11
3/17/20
11
3/18/20
11
306.
25
310.
45
304
309.
4
308
303
298.
75
295
4
309.
25
310.
8
306.
75
309.
4
309.
4
303
300.
65
301.
55
301
303
303.
2
302
306
300.
1
298.
2
289
95
304.
9
303.
55
-0.39
-0.91
305.
85
307.
1
301
0.62
-0.35
300
-0.25
296.
15
301
0.23
298.
5
296.
4
298.
15
293
0.44
-0.81
11683
00
13430
00
18538
00
91070
0
17324
00
86050
0
17305
00
96500
0
70340
0
19555
00
303.
45
300
291.
3
292.
15
295.
3
294
301.
5
301.
85
289.
75
3/21/20
11
294.
1
295.
5
286.
05
287.
95
-0.60
92890
0
3/22/20
11
3/23/20
11
3/24/20
11
3/25/20
11
3/28/20
11
3/29/20
11
3/30/20
11
3/31/20
11
288.
3
293
293.
8
306
306.
5
309.
95
312.
75
316
292.
9
305.
95
306
0.68
304.
85
306.
5
308.
5
308.
1
313.
6
329
288.
2
292.
8
302.
4
304.
6
302.
15
306.
5
313.
25
318.
4
308.
55
309
0.48
314.
5
323.
7
324.
5
0.68
20327
00
13655
00
71660
0
11907
00
20063
00
10164
00
16113
00
27171
00
3.11.3
296.
55
298.
5
295
332.
75
329.
25
0.89
00
19789
00
18629
00
-0.73
0.38
-0.46
0.99
0.76
0.29
0.072
0.12
88
775728.8
1691317.
1
725575.7
89
-474000
-1495000
-227675
394065.2
36
768153.6
59
752816.3
84
704509.2
269636.6
67
905024.7
9
555374.0
7
1379332.
14
1355155.
3
541819.5
12
567529.9
07
586748.1
13
695431.5
79
115683.0
77
338072.3
5
0.056
0.044
0.075
0.133
Interpretation
Buying/Selling Pressure
Chaikin Money Flow can be used to define a general buying or selling bias
simply with positive or negative values. The indicator oscillates above/below
zero line. Generally, buying pressure is stronger when indicator is positive &
46
selling pressure is stronger when indicator is negative. While this zero line
cross seems simple enough, reality is much choppier. Chaikin Money Flow
sometimes only briefly crosses zero line with a move that turn indicator barely
positive/negative. There is no follow through & this zero line cross end up
become a whipsaw (bad signal). Chartist can filter these signals with buffer by
setting the bullish entry a little above zero (+.05) and the bearish entry a little
below zero (-.05). These thresholds will not entirely eliminate bad signals, but
can help reduce whipsaws and filter out weaker signals.
Calculation Quirk
The Money Flow Multiplier in CMF focuses on the level of the close relative to
high-low range for a given period (day, week, month). With this formula, a
security could gap down and close significantly lower, but the Money Flow
Multiplier would rise if the close were above the midpoint of the high-low
range. The figure below shows a big gap down and close near the top of the
day's high-low range. Even though stock closed sharply lower on high volume,
CMF rose because Money Flow Multiplier was positive and volume was well
above average. Ignoring the change from close-to-close means that Chaikin
Money Flow can sometimes disconnected with price.
47
3.11.5 Conclusions
CMF is an oscillator that measures buying and selling pressure over a set
period of time. At its most basic, money flow favors bulls when CMF is positive
or bears when negative. Chartist looking for quicker money flow shifts can
look for bullish and bearish divergences. Selling pressure still has the edge in
negative territory, even when there is a bullish divergence. This bullish
divergence simply shows less selling pressure. It takes a move into positive
territory to indicate actual buying pressure.
48
3.12 MACD
3.12.1 Introduction
Developed by Gerald Appel in the late seventies, Moving Average
Convergence-Divergence (MACD) is one of the simplest and most effective
momentum indicators available. MACD turns two trend-following indicators,
moving averages, into a momentum oscillator by subtracting the longer
moving average from the shorter moving average. As a result, MACD offers
the best of both worlds: trend following and momentum. MACD fluctuates
above and below the zero line as the moving averages converge, cross and
diverge. Traders can look for signal line crossovers, centerline crossovers and
divergences to generate signals. Because MACD is unbounded, it is not
particularly useful for identifying overbought and oversold levels.
3.12.2 Calculation
MACD: (12-day EMA - 26-day EMA)
Signal Line: 9-day EMA of MACD
MACD Histogram: MACD - Signal Line
Standard MACD is 12-day EMA less the 26-day EMA. Closing prices are used
for these moving averages. A 9-day EMA of MACD is plotted with the indicator
to act as a signal line and identify turns. The MACD-Histogram represents the
difference between MACD and its 9-day EMA, the signal line. The histogram
is positive when MACD is above its 9-day EMA and negative when MACD is
below its 9-day EMA.
3.12.3 Parameter
This unique blend of trend & momentum can be applied to daily, weekly or
monthly figures. The standard setting for MACD is the difference between the
12 & 26-period EMAs. Chartist looking for more sensitivity may try a shorter
short-term moving average & a longer long-term moving average. MACD
(5,35,5) is more sensitive than MACD(12,26,9) & might be better suited for
weekly figures.
49
3.12.4 Interpretation
MACD is all about the convergence and divergence of the two moving
averages. Convergence occurs when moving averages move towards each
other. Divergence occurs when the moving averages move away from each
other. The shorter moving average (12-day) is faster and responsible for most
MACD movement. The longer moving average (26-day) is slower and less
reactive to price changes in the underlying security. MACD oscillates above
and below the zero line, which is also known as the centerline. These
crossovers signal that the 12-day EMA has crossed the 26-day EMA. The
direction depends on direction of the moving average cross.
Positive MACD indicates that 12-day EMA is above the 26-day EMA. Positive
values increase as the shorter EMA diverges further from the longer EMA.
This means upside momentum is increasing. Negative MACD indicates that
the 12-day EMA is below the 26-day EMA. Negative values increase as the
shorter EMA diverges further below the longer EMA. This means downside
momentum is increasing.
Signal line crossovers are the most common MACD signals. The signal line is
a 9-day EMA of MACD. As a moving average of the indicator, it trails MACD
and makes it easier to spot turns in MACD. A bullish crossover occurs when
MACD turns up and crosses above the signal line. A bearish crossover occurs
when MACD turns down and crosses below the signal line. Crossovers can
last a few days or a few weeks, it all depends on the strength of the move.
Due diligence is required before relying on these common signals. Signal line
crossovers at positive or negative extremes should be viewed with caution.
Even though MACD does not have upper and lower limits, chartist can
estimate historical extremes with a simple visual assessment. It takes a strong
move in the underlying security to push momentum to an extreme. Even
though the move may continue, momentum is likely to slow and this will
usually produce a signal line crossover at the extremities. Volatility in
underlying security can also increase number of crossovers.
Centerline Crossovers
51
52
Divergences
Divergences form when MACD diverges from the price action of the
underlying security. A bearish divergence forms when a security records a
higher high and MACD forms a lower high. The higher high in the security is
normal for an uptrend, but the lower high in MACD shows less upside
momentum. Even though upside momentum may be less, upside momentum
is still outpacing downside momentum as long as MACD is positive. Waning
upward momentum can sometimes foreshadow a trend reversal or sizable
decline.
A bullish divergence forms when a security records a lower low and MACD
forms a higher low. The lower low in the security affirms the current
downtrend, but the higher low in MACD shows less downside momentum.
Despite less downside momentum, downside momentum is still outpacing
upside momentum as long as MACD remains in negative territory. Slowing
downside momentum can sometimes foreshadow a trend reversal or a sizable
rally.
53
3.12.5 Conclusions
MACD is special because it brings together momentum & trend in one
indicator. Chartist looking for less sensitivity may consider lengthening moving
averages. A less sensitive MACD will still oscillate above/below zero, but the
centerline crossovers & signal line crossovers will be less frequent. MACD is
not particularly good for identifying overbought & oversold level. Even though
it is possible to identify level that are historically overbought or oversold,
MACD does not have any upper or lower limits to bind its movement. MACD
can continue to overextend beyond historical extremes during sharp moves.
MACD calculate absolute difference between 2 moving averages. This means
MACD values are dependent on price of underlying security. MACD for a $20
stocks may range from -1.5 to 1.5, while MACD for a $100 may range from
-10 to +10. It is not possible to compare MACD values for a group of
securities with varying prices. An alternative is to use the % Price Oscillator
(PPO), which shows the percentage difference between two moving
averages.
54
3.13.2 Calculation
(www.stockcha
rt.com)
55
There are a several steps involved in the Money Flow Index calculation. The
example below is based on a 14-period Money Flow Index.
1. Typical Price = (High + Low + Close)/3
2. Raw Money Flow = Typical Price x Volume
3. Positive Money Flow = Sum of positive Raw Money Flow over 14 periods.
4. Negative Money Flow = Sum of negative Raw Money Flow over 14
periods.
5. Money Flow Ratio = (Positive Money Flow)/(Negative Money Flow)
6. Money Flow Index = 100 - 100/(1 + Money Flow Ratio)
Raw Money Flow turns into Positive Money Flow when the typical price
advances from one period to the next. Raw Money Flow turns into Negative
Money Flow when the typical price declines from one period to the next. The
56
Money Flow Ratio in step 5 forms the basis for the Money Flow Index (MFI)
as the0 RSI formula is applied to create a volume-weighted RSI. The table
below shows a calculation example.
3.13.3 Interpretation
As a volume-weighted version of RSI, the Money Flow Index (MFI) can be
interpreted similar to RSI. The big difference is, of course, volume. Because
volume is added to the mix, the Money Flow Index will act a little differently
than RSI. Theories suggest that volume leads prices. RSI is a momentum
oscillator that already leads prices. Incorporating volume can increase this
lead time.
Quong and Soudack identified three basic signals using the Money Flow
Index. First, chartist can look for overbought or oversold levels to warn of
unsustainable price extremes. Second, bullish and bearish divergence can be
used to anticipate trend reversals. Third, failure swings at 80 or 20 can also
be used to identify potential price reversals. For this article, the divergences
and failure swings are be combined to create one signal group and increase
robustness.
Overbought/Oversold
Overbought & oversold level can be used to identify unsustainable price
extreme. Typically, MFI above 80 is considered overbought & MFI below 20 is
considered oversold. Strong trends can present a problems for these classic
overbought & oversold level.
MFI can become overbought (>80) & prices can simply continue higher when
uptrend is strong. Conversely, MFI can become oversold (<20) & prices can
simply continue lower when downtrend is strong. Quong & Soudack
recommended expanding these extremes to further qualify signals. A move
above 90 is truly overbought & a move below 10 is truly oversold. Moves
above 90 and below 10 are rare occurrences that suggest a price move is
unsustainable. Admittedly, many stocks will trade for a long time without
reaching the 90/10 extremes.
57
58
3.13.5 Conclusions
Money Flow Index is a rather unique indicator that combines momentum and
volume with an RSI formula. RSI momentum generally favors bulls when
indicator is above 50 and bears when below 50. Even though MFI is
considered volume-weighted RSI, using the centerline to determine a bullish
or bearish bias does not work as well. Instead, MFI is better suited to identify
potential reversals with overbought/oversold levels, bullish/bearish
divergences and bullish/bearish failure swings.
Introduction
One characteristic of SMA is that if data have a periodic fluctuation, then
applying an SMA of that period will eliminate that variation (the average
always containing one complete cycle). But a perfectly regular cycle is rarely
encountered in economics or finance for a number of applications it is
advantageous to avoid the shifting induced by using only 'past' data. Hence a
central moving average can be computed, using both 'past' and 'future' data.
The 'future' data in this case are not predictions, but merely data obtained
after the time at which the average is to be computed.
Calculation
A simple moving average is formed by computing the average price of a
security over a specific number of periods. Most moving averages are based
on closing prices. A 5-day simple moving average is the five day sum of
closing prices divided by five. This process is repeated over the entire data
series. Thus, a moving average is not a single number, but it is a set of
numbers, each of which is the average of the corresponding subset of a larger
set of data points. As its name implies, a moving average is an average that
moves. Old data is dropped as new data comes available. A moving average
may also use unequal weights for each data value in the subset to emphasize
particular values in the subset.
Parameters
The length of the moving average depends on the analytical objectives. Short
moving averages (5-20 periods) are best suited for short-term trends and
trading. Chartist interested in medium-term trends would opt for longer moving
averages that might extend 20-60 periods. Long-term investors will prefer
moving averages with 100 or more periods. Some moving average lengths
are more popular than others.
200-day moving average is most popular. Because of its length, this is clearly
a long-term moving average. Next, 50-day moving average is quite popular for
the medium-term trend. Many chartists use the 50-day and 200-day moving
averages together. Short-term, a 10-day moving average was quite popular in
the past because it was easy to calculate. One simply added the numbers and
moved the decimal point.
Calculation
There are three steps to calculating an exponential moving average. First,
calculate simple moving average. An EMA has to start somewhere so a
simple moving average is used as the previous period's EMA in the first
calculation. Because an EMA begins with a simple moving average, its true
value will not be realized until 20 or so periods later. Second, calculate the
weighting multiplier. Third, calculate the exponential moving average. The
formula below is for a 10-day EMA.
SMA: 10 period sum / 10
Multiplier: (2 / (Time periods + 1) ) = (2 / (10 + 1) ) = 0.1818 (18.18%)
EMA: {Close - EMA (previous day)} x multiplier + EMA(previous day).
Parameters
10-period EMA applies 18.18% weighting to most recent price. A 10-period
EMA can also be called an 18.18% EMA. A 20-period EMA applies a 9.52%
weighing to the most recent price (2/ (20+1) = .0952). Notice that the
weighting for the shorter time period is more than the weighting for the longer
time period. In fact, the weighting drops by half every time the moving
average period doubles.
The parameter is only affected to the lag period. A 10-day exponential moving
average will hug prices quite closely and turn shortly after prices turn. Short
moving averages are and quick to change. In contrast, a 100-day moving
average contains lots of past data that slows it down. It takes a larger and
longer price movement for a 100-day moving average to change course.
3.14.5 Signal
Trend Identification
61
Double Crossovers
Two moving averages can be used together to generate crossover signals.
Double crossovers involve one short moving average and one long moving
average. A 5-day EMA and 35-day EMA would be deemed short-term. A 50day SMA and 200-day SMA would be deemed medium-term, perhaps even
long-term. A bullish crossover occurs when the shorter moving average
crosses above the longer moving average. This is also known as a golden
cross.
A bearish crossover occurs when the shorter moving average crosses below
the longer moving average. This is known as a dead cross. The longer moving
average periods, the greater lag in the signals. These signals work great
when a good trend takes hold. However, a moving average crossover system
will produce lots of whipsaws in the absence of a strong trend.
There is also a triple crossover method that involves three moving averages.
Again, a signal is generated when the shortest moving average crosses the
two longer moving averages. A simple triple crossover system might involve 5day, 10-day and 20-day moving averages.
62
Price Crossovers
A bullish signal is generated when prices move above the moving average. A
bearish signal is generated when prices move below the moving average.
Price crossovers can be combined to trade within the bigger trend. The longer
moving average sets the tone for the bigger trend and the shorter moving
average is used to generate the signals.
One would look for bullish price crosses only when prices are already above
the longer moving average. This would be trading in harmony with the bigger
trend. For example, if price is above the 200-day moving average, chartist
would only focus on signals when price moves above the 50-day moving
average. But such bearish crosses would be ignored when the bigger trend is
up. A bearish cross would simply suggest a pullback within a bigger uptrend. A
cross back above the 50-day moving average would signal an upturn in prices
and continuation of the bigger uptrend.
63
for the both. A moving average is commonly used with time series data to
smooth out short-term fluctuations and highlight longer-term trends or cycles.
Chartist can use moving averages to define overall trend and use RSI to
define overbought or oversold levels for confirmation.
3.14.7 Conclusions
The advantages of using moving averages need to be weighed against the
disadvantages. Moving averages are trend following, or lagging, indicators
that will always be a step behind. This is not necessarily a bad thing though.
After all, the trend is your friend and it is best to trade in the direction of the
trend. Moving averages insure that a trader is in line with the current trend.
Even though the trend is your friend, securities spend a great deal of time in
trading ranges, which render moving averages ineffective. Once in a trend,
moving averages will keep you in, but also give late signals. Don't expect to
sell at the top and buy at the bottom using moving averages. As with most
technical analysis tools, moving averages should not be used on their own,
but in conjunction with other complementary tools. Chartist can use moving
averages to define the overall trend and then use RSI to define overbought or
oversold levels.
3.15.2 Calculation
Calculation for Moving Average Envelopes is straight-forward. First, choose a
simple moving average or exponential moving average. Second, select the
number of time periods for the moving average. Third, set the percentage for
the envelopes. A 20-day moving average with a 2.5% envelope would show
the following two lines:
Upper Envelope: 20-day SMA + (20-day SMA x .025)
Lower Envelope: 20-day SMA - (20-day SMA x .025)
3.15.3 Parameter
The parameters for the Moving Average Envelopes depend on your
trading/investing objectives and the characteristics of the security involved.
Traders will likely use shorter (faster) moving averages and relatively tight
envelopes. Investors will likely prefer longer (slower) moving averages with
wider envelopes.
A security's volatility will also influence the parameters. Bollinger Bands and
Keltner Channels have built in mechanisms that automatically adjust to a
security's volatility. Chartist must independently account for volatility when
setting the Moving Average Envelopes. Securities with high volatility will
require wider bands to encompass most price action. Securities with low
volatility can use narrower bands. The moving average is base for this
indicator, can be a simple or exponential moving average.
3.15.4 Signal
Trend Identification
A surge above the upper envelope shows extraordinary strength, while a
plunge below the lower envelope shows extraordinary weakness. Such strong
moves can signal the end of one trend and the beginning of another. The
direction of the moving average dictates the direction of the channel.
Downtrend is present when the channel moves lower, while an uptrend exists
when channel moves higher. The trend is flat when channel moves sideways.
Sometimes a strong rend does not take hold after an envelope break and
66
prices move into a trading range. Such trading ranges are marked by a
relatively flat moving average.
Overbought/Oversold
A strong move above the upper envelop denotes an overbought situation
while moves below the lower envelop make an oversold situation. Securities
can become overbought and remain overbought in strong uptrend. Similarly,
securities can become oversold and remain oversold in strong downtrend. In
a strong uptrend, prices often move above upper envelope and continue
above this line. In fact, upper envelope will rise as price continues above the
upper envelope. This may seem technically overbought, but it is sign of
strength remain overbought. Reverse is true for oversold. Overbought and
oversold readings are best used when trend flattens.
67
68
3.15.6 Conclusions
MEA are mostly used as a trend following indicator, but can also be used to
identify overbought and oversold conditions. After a consolidation, a strong
envelope break can signal start of an extended trend. Overbought conditions
& bounces can be used as selling opportunity within a bigger downtrend.
Move above upper envelope signal overbought readings, while moves below
lower envelope signal oversold readings.
69
3.16 STOCHRSI
3.16.1 Introduction
Developed by Tushard Chande & Stanley Kroll, StochRSI is measures level of
RSI relative to its high-low range over a set time period. StochRSI applies the
Stochastic formula to RSI values, instead of price values. This makes it an
indicator of an indicator. The result is an oscillator that fluctuates between 0
and 1. RSI can oscillate between 80 and 20 for extended periods without
reaching extreme levels. Notice that 80 and 20 are used for overbought and
oversold instead of more traditional 70 & 30.
3.16.2 Calculation
StochRSI = (RSI - Lowest Low RSI) / (Highest High RSI - Lowest Low RSI)
StochRSI measures the value of RSI relative to its high/low range over a set
number of periods. The number of periods used to calculate StochRSI is
transferred to RSI in the formula. For example, 14-day StochRSI would use
the current value of 14-day RSI and the 14-day high-low range for 14-day
RSI.
14-day StochRSI equals 0 when RSI is at its lowest point for 14 days.
14-day StochRSI equals 1 when RSI is at its highest point for 14 days.
14-day StochRSI equals 0.5 when RSI is middle of its 14 day high-low
range.
14-day StochRSI equals 0.2 when RSI is near the low of its 14 day
high-low range.
14-day StochRSI equals 0.80 when RSI is near the high of its 14 day
high-low range.
70
3.16.3 Interpretation
StochRSI is an indicator of an indicator, which makes it second derivative of
price. This means it is two steps (formulas) removed from price of the
underlying security. Price has undergone two changes to become StochRSI.
Converting prices to RSI is one change. Converting RSI to the Stochastic
Oscillator is the second change.
StochRSI has characteristics similar to most bound momentum oscillators.
First, it can be used to identify overbought or oversold conditions. A move
above 0.80 is considered overbought; while a move below 0.20 is considered
oversold. Second, it can be used to identify the short-term trend. As a bound
oscillator, the centerline is at 0.50. StochRSI reflects an uptrend when
consistently above 0.50 and a downtrend when consistently below 0.50.
Because this indicator is quite volatile, some smoothing with a moving
average can help for short-term trend identification.
Overbought/Oversold
Trend identification is the key to successfully choosing between overbought
and oversold levels. It is important to look for oversold conditions when the
bigger trend is up and overbought conditions when the bigger trend is down.
In other words, look for trades in the direction of the bigger trend. 14-day
StochRSI would be considered a short-term indicator. Therefore, it is
important to identify the medium-term trend when looking for overbought and
oversold conditions.
71
Trend ID
StochRSI is quite a volatile oscillator that frequently becomes overbought and
oversold. For short-term trend identification, it help lengthen calculation period
& apply short moving average smooth data. Momentum favors rising prices
when 10-day SMA of StochRSI is above 0.50 and falling prices when below
0.50.
72
3.16.4 Conclusion
StochRSI is like RSI on steroids. RSI produces relatively fewer signals and
StochRSI dramatically increases the signal count. There will be more
overbought/oversold readings, more centerline crosses, more good signals
and more bad signals. Speed comes at a price. This means it is important to
use StochRSI with other aspects of technical analysis for confirmation.
Chartist can also employ other complementary indicators, such as On
Balance Volume (OBV) or the Accumulation Distribution Line. These volume
based indicators do not overlap with momentum oscillators.
73
3.17 WILLIAM %R
3.17.1 Introduction
Developed by Larry Williams, Williams %R is a momentum indicator that is
the inverse of the Fast Stochastic Oscillator. Also referred to as %R, Williams
%R reflects the level of the close relative to the highest high for the look-back
period. In contrast, the Stochastic Oscillator reflects the level of the close
relative to the lowest low. %R corrects for the inversion by multiplying the raw
value by -100.
As a result, the Fast Stochastic Oscillator and Williams %R produce the exact
same lines, only the scaling is different. Williams %R oscillates from 0 to -100.
Readings from 0 to -20 are considered overbought. Readings from -80 to -100
are considered oversold. Unsurprisingly, signals derived from the Stochastic
Oscillator are also applicable to Williams %R.
3.17.2 Calculation
%R = (Highest High - Close) / (Highest High - Lowest Low) * -100
Lowest Low = lowest low for the look-back period
Highest High = highest high for the look-back period
%R is multiplied by -100 correct the inversion and move the decimal.
The default setting for Williams %R is 14 periods, which can be days, weeks,
months or an intraday timeframe. A 14-period %R would use the most recent
close, the highest high over the last 14 periods and the lowest low over the
last 14 periods.
74
3.17.3 Signal
As with the Stochastic Oscillator, Williams %R reflects the level of the close
relative to the high-low range over a given period of time. Assume that the
highest high equals 110, the lowest low equals 100 and the close equals 108.
The high-low range is 10 (110 - 100), which is the denominator in the %R
formula. The highest high less the close equals 2 (110 - 108), which is the
numerator. 2 divided by 10 equals .20. Multiply this number by -100 to get -20
for %R. Williams %R would equal -30 if the close was 103 (.30 x -100). The
centerline, -50, is an important level to watch. Williams %R moves between 0
and -100, which makes -50 the midpoint.
Think of it as 50 yard line in football. Offense has a higher chance of scoring
when it crosses 50 yard line. Defense has an edge as long as it prevents the
offense from crossing the 50 yard line. A Williams %R cross above -50 signals
that prices are trading in upper half of their high-low range for given look-back
period. This suggests that the cup is half full. Conversely, a cross below -50
means prices are trading in bottom half of the given look-back period. This
suggests that the cup is half empty. Low readings (below -80) indicate that
75
price is near its low for given time period. High readings (above -20) indicate
that price is near its high for given time period.
Overbought Oversold
Williams %R makes it easy identify overbought & oversold levels. Oscillator
ranges from 0 to -100. No matter how fast security advances or declines,
Williams %R will always fluctuate within this range. Traditional settings use
-20 as overbought thresholds and -80 as oversold. These levels can be
adjusted to suit analytical needs and security characteristic. Readings above
-20 for 14-day Williams %R would indicate that underlying security was
trading near top of its 14-day high-low range.
Readings below -80 occur when a security is trading at the low end of its highlow range. Before looking at some figure examples, it is important to note that
overbought readings are not necessarily bearish. Securities can become
overbought and remain overbought during a strong uptrend. Closing levels
that are consistently near the top of the range indicate sustained buying
pressure. In a similar vein, oversold readings are not necessarily bullish.
Securities can also become oversold and remain oversold during a strong
downtrend. Closing levels consistently near the bottom of the range indicate
sustained selling pressure.
76
Momentum Failure
The failure to move back into overbought or oversold territory signals a
change in momentum that can foreshadow a significant price move. The
ability to consistently move above -20 is a show of strength. After all, it takes
buying pressure to push %R into overbought territory. Once a security shows
strength by pushing into overbought territory more than once, a subsequent
failure to exceed this level shows weakening momentum that can foreshadow
a decline.
3.17.5 Conclusions
Williams %R is a momentum oscillator that measures level of close relative to
high-low range over given period of time. In addition to signals mentioned
above, chartist can use %R to gauge the six month trend for a security. 125day %R covers around 6 months. Prices are above their 6-month average
when %R is above -50, which is consistent with an uptrend. Readings below
-50 are consistent with a downtrend. In this regard, %R can be used to help
define the bigger trend (six months).
77
78
As researcher has described in the scope of the study that the researcher has
selected the micro level study so that the time period is limited as per the
study. The researcher has analyzed the technical tools from 1 st April, 2010 to
31st March 2011.
81
REVIEW OF LITERATURE
82
83
84
Interpretation:
Here as per this chart there is the formation of three candle stick pattern that
is Dark Cloud Cover Pattern, Bullish Piercing Line Pattern & Bullish Harami
Candle.
Bearish dark cloud cover pattern is a two candle stick pattern signaling top
reversal after an uptrend or at times at the top of a congestion band. We see
a strong wide real body in the first day. The second open strongly above the
previous day high. However, the stock closes near the low of the day and well
within the prior days white body at the end of the day.
In bullish piercing line pattern stock is characterized by downtrend. We see a
long candle stick and then we see a long wide candle stick whose opening
price is below previous days low on the second day. The second days close
in a contained within the first day body and it is also above the midpoint of the
first day of the body. The second day however fails to close above the body of
the first day.
Bullish Harami candle The Stock is in a bearish mood characterized by
downtrend.
85
Interpretation:
Here the projection line shows an uptrend with a three supporting point at the
price 2533, 2696 & 2922 respectively in different months.
There is also the formation of descending triangle which breaks the upper line
at the price of 3036 Rs. So here the investors are having the buying
opportunity. There is a formation of head and shoulder pattern from 22 July,
2011 to 30 Aug, 201
time period MACD is not remain positive for a longer time period and start to
goes negative. This is the basic reason for remains shorter time period bullish
crossover. Same conclusion is drawn in starting in may 2010 and ending of
October 2010 in bullish crossover.
Fifths bearish crossover is shown in starting of September 2010 and remains
till end of January 2011. MACD at this time period is turn to positive. Several
time 10 days moving average touch to 50 days moving average but not
success to cross the long term moving average. In ending of January 2011,
short moving average cross below long moving average and results is bearish
crossover. Notice that how MACD indicator moves negative and during this
time period because of bearish crossover.
Divergence occurs at the point of mid of October and at the starting of
January, 2011 when there is a call for selling that share. Because here the
area highlights that MACD is negative, when the 12 day EMA is below the 26
day EMA. Now here the investors can sell the share at the price
approximately at the price of 2955 Rs.
Convergence occurs in mid of March which indicates that there will be the call
for buying option and showing the bullish trend.
88
Figure 6.1.6 of Infosys touch many time in upper band. When Infosys touch
upper band, there is an overbought situation (green dotted line). In other term,
it shows the strength. Reverse situation is formulated in oversold time (red
dotted line). At that time, prices touch the lower band. This situation shows
weakness. There is not squeezes is found in Bollinger bandwidth indicator in
the following figure.
Figure 5.1.6: Bollinger Band, Bollinger BandWidth and CCI of Infosys
90
6.2 NTPC
91
Interpretation:
In this chart there is the formation of three Candle Stick Pattern i.e. Three
Black Crows, Bearish Engulfing Pattern and Bearish Harami Pattern. The
entire three patterns suggest that there will the starting of downtrend.
The Bearish Three Black Crows Pattern is indicative of a Market is
characterized by uptrend.Three consecutive long black candlesticks appear.
Each day closes at a new low. Each day opens within the body of the
previous day. Each day closes near or at its lows
92
Interpretation:
93
This chart shows that there is a download bearish trend. This chart gradually
shows three formations namely Flag Pattern, Head and Shoulder Pattern & a
Double Bottom Pattern. When the flag pattern is breaking out, price decline
drastically.
Head &shoulder suggest the investor that when the price touches the neck
line there is the indication of buying the share.
94
In September 2010 the prices of NTPC is above the 10 day moving average
and short term moving average cross above the long term moving average.
During this time period MACD indicator also cross 0 and turn to positive. All
are the characteristics of golden crossover. During November 2010, 10 days
moving average play a role of resistance. In other term, researcher can say
that, prices are remains below during the November 2010. MACD indicator
also turns to negative during this time period. In other term, all are the
characteristics of dead crossover.
Below figure 5.2.6 of NTPC with 10% envelop shows a flat trend in price as
well as flat movement in envelop trend in starting to till the September 2010.
This situation is not remain after the September 2010 and pries as well as
envelops trend goes down till the end of March 2011. During this time period,
prices is raising in December 2010 to January 2011.
Figure 5.2.6: Envelop of NTPC
Below figure 6.2.7 with the 50 MFI index in May 2010 to September 2010
shows a selling pressure is higher. Notice that how the MFI is constant and
there is no longer time period overbought and oversold situation in StochRSI
because of prices are not fluctuated that much during this time period. But
during October 2010 to ending of November 2010, money flow index shows
buying pressure as well as it also remain below the 50 and stoch RSI remains
below the 50 and produces many time oversold situation. Due to this situation,
prices of NTPC are goes down
.
Figure 6.2.7: MFI and StochRSI of NTPC
Interpretation:
Bearish dark cloud cover pattern is a two candle stick pattern signaling top
reversal after an uptrend or at times at the top of a congestion band. We see
a strong wide real body in the first day. The second open strongly above the
previous day high. However, the stock closes near the low of the day and well
within the prior days white body at the end of the day.
Interpretation:
In the above chart we had found out the three Chart pattern such as
Symmetrical Triangle, Peanut Pattern & Cup and Handle Pattern. Price
fluctuate between the symmetrical triangle when the price is break out to the
triangle, volume is decrease because the price of the stock goes down.
Pennant pattern is also the one type of Flag Pattern which indicates that when
this pennant pattern break then the price can go upward or downward.
Here the secondary trend in this chart is bullish.
100
101
102
103
104
105
Interpretation:
Bearish Engulfing Pattern shows that market is characterized by downtrend.
Then we see a small black body. Next day we see a white body that
completely engulfs the black real body of the preceding day.
Bullish Inverted Hammer Pattern is a candlestick characterized by a Market is
currently characterized by downtrend. The first day of the pattern is a black
candlestick formed at the lower end of the trading range. The second day of
106
the pattern is a small real body and is formed at the lower end of the trading
range. Upper shadow of the second small body should be at least twice as
long as the real body. The second body does not have lower shadow or it has
only a very little lower shadow.
Interpretation:
In this above chart, primary and secondary trend shows bullish trend. Primary
trend fluctuate between the parallel lines. There is the formation of head and
shoulder pattern from Feb to March.
From Jan to April, prices moving on channel.
107
The Chaikin money flow indicator in figure 6.4.3 shows a positive in April 2010
and remains positive till end of October 2010. During this time period, %R
indicator show overbought level. Notice that how the price touch to new high
because Positive Chaikin money flow with uptrend in accumulation distribution
line and continuously remain in overbought level. Also notice that how price
goes down in November 2010 to end of March 2011 because of a negative
Chaikin money flow with downtrend in the accumulation distribution line and
many times remain in oversold level.
108
109
111
112
Interpretation:
A Doji with an equal open and close may be considered more robust but it is
also rare in the real life. Hence it is more important to capture and understand
the essence of this important candlestick. It shows that neither the bulls nor
the bears were able to gain control during the day and it is possible that a
turning
point
can
develop
soon.
If a Black Spinning Top is observed after a long rally or long white candlestick,
this implies weakness among the bulls and it is a warning about a potential
change or interruption in trend. Like most other single candlestick patterns,
the Black Spinning Top has low reliability. This pattern must be used with
other candlesticks for a better and healthier confirmation of a trend.
113
Interpretation:
A projection line shows the uptrend moving trend. There is the formation of
descending triangle between 24 Jan to 24 March, 2011. On 25 th March, 2011,
there is the break out of descending triangle level. Double top formation is
there on 6th April to 24th April, 2011.
114
115
116
117
118
119
120
7.1 Findings
6.1.1 INFOSYS
Here we find that the on 31 st march, 2011 the price touched the
projection line which is also the supporting point. 2975 Rs. is the
buying price. But After 31 st march, the trend goes opposite as per
analysis because there is a huge speculation and trap the market.
We had also found that the price movement is in between the
descending triangle. But they break out the triangle at the price of 3010
Rs. and reached to 3290 Rs. So from this difference investor can gain
of 270 Rs.
There is no impact of price on the accumulation distribution line. After
the January 2011, there is a negative Chaikin money flow which shows
a selling pressure is high. At that time oversold level is shown in %R
figure. Higher selling pressure with oversold is result a decrease in the
price of the Infosys.
The prices are suddenly increased in September 2010 and December
2010. The reason for that strong buyer is available in the market.
First and third crossover found in earlier of March 2010 and starting of
June 2010 respectively. MACD is negative during this time. This is the
basic reason for why bullish crossover remains for shorter time period.
Fifths bearish crossover is shown in starting of September 2010 and
remains till the end of January 2011. MACD, at this time period is turn
to positive.
Infosys is breaking the overbought support in September 2010. After
the break, prices are touch to the overbought resistance line in October
2010. Notice that how Overbought resistance become oversold support
during this time period.
When the prices are top in starting of January 2011, money floe index
shows a strong overbought. After the January 2011, money flow index
start to goes down below the 60 which shows a selling pressure is
high.
121
7.1.2 NTPC
We had found the three chart pattern formation of Candle Stick Pattern
i.e. Three Black Crows, Bearish Engulfing Pattern and Bearish Harami
Pattern. This shows that the stock will move in downtrend.
We had also found the three formations namely Flag Pattern, Head
and Shoulder Pattern & a Double Bottom Pattern. Double Bottom
shows that first bottom form around 15 th Feb, 2011 at a price of 170 Rs.
this same formation had formed at the starting of March at the same
price. After that the reversal pattern will start.
The ADL follows the price trend. The indicator is continuously goes
down from 0 to -8 the negative indicator shows the strong shelling
pressure. Strong selling pressure produces the negative ADL. The
negative Chaikin money flow in May 2010 to September 2010 as well
as in January 2011 to end of March shows a selling pressure is higher.
In other word, when selling pressure in Chaikin money flow, %R shows
oversold level and vice versa.
Big squeeze period is found in the end of June 2010 to end of August
2010. Prices go up after the end of squeeze period from 195 to 215.
Notice that how the prices also go down from 220 to 175 after reaching
the top level in October 2010 to December 2010 because of price
touch to the upper band.
In September 2010 the prices of NTPC is above the 10 day moving
average and short term moving average cross above the long term
moving average. During this period the MACD figure also cross 0 and
turn to positive. All are the characteristics of golden crossover.
NTPC with 10% envelop shows a flat trend in price as well as flat
movement in envelop trend in starting to till the September 2010. This
situation is not remain after the September 2010 and pries as well as
envelops trend goes down till the end of March 2011. During this time,
prices is raising in December 2010 to January 2011.
Below 50 money flow index in May 2010 to September 2010 shows a
selling pressure is higher. Notice that how the money flow index is
constant and there is no longer time period overbought and oversold
situation in StochRSI because of prices are not fluctuated that much
during this time period.
122
7.1.4 SBI
123
7.1.5 TCS
124
We had found two Candle Stick Pattern Doji Candle Stick & Black
Spinning Top. There is the formation of descending triangle between 24
Jan to 24 March, 2011. On 25 th March, 2011, there is the break out of
descending triangle level. Here both the projection line and descending
triangle patterns confirms the same price of 1110 Rs. at which investors
can buy.
TCS shows the uptrend in both prices as well as in the Accumulation
distribution. There is a strong buying pressure in July 2010 in the
Chaikin money flow figure. TCS shows the flag in November 2010 to
the end of March 2011. 14 day %R is remaining many times in
overbought level from July 2010 to January 2011. So it may be the
basic reason for the uptrend in the price.
The price of state bank is rising in May 2010 to the end of January
2011. The reason is, prices are above middle band and continuously
remaining above the middle band. In September 2010 price touch to
the lower band but still increases. The reason behind that is the
squeeze during this period.
Dead cross over occurs during March 2010 and at the ending of
February 2011. This dead cross is not remains for the longer time
period. MACD is positive in July 2010 and remains positive till the
ending of February 2011. This situation produces a bullish trend in the
price.
TCS shows increase in envelop as well as price. In June 2010 to the
end of January 2011, prices go up from 700 to 1200. Such strong
situation foreshadows an end of the uptrend and beginning of the
downtrend.
In may 2010 money flow index moves below the 20 and shows
oversold situation. Before May 2010 StochRSI shows an oversold
situation. Because of above two basic reason, prices of TCS touch to
the lower in an entire year.
7.2 Suggestion
125
Bibliography
126
http://www.bseindia.com/about/tech.asp
http://www.icharts.in/charts.html
http://www.nseindia.com/
http://en.wikipedia.org/wiki/Technical_analysis
http://www.sebi.gov.in/Index.jsp?
contentDisp=Department&dep_id=4
http://www.ril.com/html/ab
http://www.statebankofindia.com/
http://www.tcs.com/about/Pages/default.aspx
http://www.ntpc.co.in/index.php?
option=com_content&view=article&id=28&Itemid=41&lang=
en
http://www.infosys.com/about/what-we-do/pages/index.aspx
http://www.moneycontrol.com/india/stockpricequote/refineries
/relianceindustries/RI
http://www.smartinvestor.in/company/comp_476Reliance_Industries_Ltd.htm
http://stockcharts.com/school/doku.php?
id=chart_school:chart_analysis:what_are_charts
http://in.finance.yahoo.com/actives?e=bo
http://www.technicalanalysisofstocks.in/daytrading.html
www.chartnexus.com
127
ANNEXURE
Historical price of Infosys
Date
1/4/10
5/4/10
6/4/10
7/4/10
8/4/10
9/4/10
12/4/10
13/4/10
15/4/10
16/4/10
19/4/10
20/4/10
21/4/10
22/4/10
23/4/10
26/4/10
27/4/10
28/4/10
29/4/10
30/4/10
3/5/10
4/5/10
5/5/10
6/5/10
7/5/10
10/5/10
11/5/10
12/5/10
13/5/10
14/5/10
17/5/10
18/5/10
19/5/10
20/5/10
21/5/10
24/5/10
25/5/10
26/5/10
27/5/10
28/5/10
31/5/10
1/6/10
2/6/10
3/6/10
4/6/10
7/6/10
8/6/10
9/6/10
10/6/10
11/6/10
14/6/10
15/6/10
16/6/10
17/6/10
18/6/10
21/6/10
22/6/10
23/6/10
Open
2620.2
2679
2682
2655.55
2640
2670
2685.9
2690
2788
2792.1
2774.65
2765.5
2743
2708
2735
2730.1
2729.1
2710.1
2699
2712
2708
2705
2649.4
2690.3
2638.1
2620
2669.8
2656
2684
2710
2635
2660
2626
2612
2568
2611
2586.85
2565.05
2627.8
2670.05
2735
2655
2635
2660
2698
2710
2671.65
2668
2625.2
2664.9
2650.1
2746.5
2754.9
2776
2707.85
2799.4
2790
2747.1
High
2678
2690
2685
2674.8
2677.9
2697.7
2698
2793.85
2824.7
2809
2774.65
2789.95
2749.75
2762.85
2753.7
2754
2742.4
2731.95
2732.9
2758.8
2714.95
2706
2708
2690.3
2645.35
2683.8
2674.5
2698.9
2723
2727
2648.05
2660
2652.35
2634.55
2608
2630
2586.85
2639.9
2664
2684.4
2735
2657.5
2651.95
2705.8
2738
2710
2689
2668
2654
2690.9
2758.85
2780
2779.5
2783.8
2815
2818.8
2799.35
2804.95
Low
2620
2638
2645.25
2617.4
2630
2665
2652.05
2635
2759.3
2771.05
2736
2720
2700.3
2693
2716.85
2725.05
2726.4
2691.1
2675
2677.1
2682
2655.5
2610
2645.55
2607.05
2620
2636
2652.25
2661.25
2630
2576.05
2582.05
2593.45
2586.5
2558.35
2579.25
2510.1
2556.25
2595.1
2637.3
2624.55
2617.6
2624.1
2660
2682.45
2650
2647.85
2616.5
2620.55
2621
2650.1
2722.1
2742
2736
2707.85
2791.25
2760
2717.85
Close
2676
2676
2649.25
2645.65
2657.2
2682.75
2688
2777
2791
2783.05
2752.7
2730
2710.35
2715
2725
2740.7
2734.6
2698
2697.1
2728.5
2685.55
2660
2705
2658
2623
2658
2658
2679.65
2701
2640
2616.05
2634
2599
2605
2594.8
2605
2542.15
2610
2655
2675
2668.8
2623.2
2649.9
2693.9
2732.5
2673.8
2651.35
2629.95
2650
2636.6
2750.05
2735
2771
2762
2785
2795
2771
2804.95
Volume
1023300
914800
668600
1047600
903400
1032500
1040700
7204400
2799300
780500
1094300
1192700
812000
872200
736000
556700
410000
693000
1414900
1008300
676100
822000
1515200
976000
1123000
704400
725300
1148100
615400
853000
1021300
893000
1492400
813600
890900
898200
1104700
983600
1414000
849200
877500
722800
819600
689600
618800
972700
831300
678300
648400
1239100
1216100
993200
715000
704900
1044500
895500
595400
618500
Date
30/9/10
1/10/10
4/10/10
5/10/10
6/10/10
7/10/10
8/10/10
11/10/10
12/10/10
13/10/10
14/10/10
15/10/10
18/10/10
19/10/10
20/10/10
21/10/10
22/10/10
25/10/10
26/10/10
27/10/10
28/10/10
29/10/10
1/11/10
2/11/10
3/11/10
4/11/10
5/11/10
8/11/10
9/11/10
10/11/10
11/11/10
12/11/10
15/11/10
16/11/10
18/11/10
19/11/10
22/11/10
23/11/10
24/11/10
25/11/10
26/11/10
29/11/10
30/11/10
1/12/10
2/12/10
3/12/10
6/12/10
7/12/10
8/12/10
9/12/10
10/12/10
13/12/10
14/12/10
15/12/10
16/12/10
20/12/10
21/12/10
22/12/10
128
Open
3046.95
3051
3112
3075
3106
3089
3060
3080.3
3072
3081
3165.1
3200
3080.5
3094.7
3009.8
2997.85
3005.25
3058.8
3020
3002
2984
2989
2983
3002
3031.95
3044
3083.95
3084
3036.8
3048
3084
3038
3003
3012
2989
2987.55
2971.35
3027.9
3023.9
3005.55
3070
3065
3043.5
3049.8
3056
3107
3130
3145.85
3159
3145
3145
3149
3163.7
3146.7
3219.4
3252.1
3350.55
3325
High
3075
3110.05
3162
3111
3122.9
3097.5
3085.65
3097
3084.95
3164.8
3228.95
3238
3118.9
3105.05
3044.6
3038.4
3084.9
3074.9
3043.3
3010
3032.9
2998
3031.95
3032.6
3044.75
3085
3092
3084
3075
3105
3084
3038.75
3044.95
3019
3031.85
3008.7
3068
3058.8
3034.9
3111
3104
3095.65
3082.7
3066.5
3109.4
3147.9
3176.4
3195
3164.1
3182.1
3162
3156.4
3174
3209
3300
3363.8
3369.6
3359.7
Low
3007.45
3026.3
3062.55
3070
3076.6
3042
3037.05
3058.65
3050.3
3075.2
3156.2
3061.15
3039.3
3001
2990
2980.1
3003
3010.1
3002.7
2967.2
2948.05
2944
2983
2984.8
3015.05
3032.95
3070.9
3006.75
3030
3030.1
3051
2989
2977.6
2940.25
2958.65
2945
2971.35
2979.95
2950.25
3005.55
3026.95
3051.15
3012.2
3035
3032
3103
3126
3140.2
3114
3141.15
3117.8
3075
3126.8
3146.7
3210
3252
3311.05
3313.75
Close
3042.95
3100
3073.7
3075.1
3096.9
3047
3074.9
3072.35
3066
3147.9
3190
3085
3097
3011
3026.05
3034
3048
3022.7
3004
2972
2983.5
2967.05
2998.05
3025
3028
3070.9
3078.9
3018
3050
3078
3056.9
2995.9
3018.8
2973.05
3001.3
2964
3025
3008.75
2980
3049.5
3037.2
3062
3040.05
3052.2
3108
3115
3150
3173.4
3140
3158
3125.95
3151.95
3161.9
3203
3295.8
3350
3333.25
3327.35
Volume
1708200
1010800
954500
648600
723500
854200
818500
561700
578200
1628000
1149100
3233700
1573800
1759700
886700
1153900
1418200
653000
865700
1134000
2279000
860700
569100
624800
380900
689300
78900
672600
658300
1216000
698200
937400
731300
1046800
891000
708000
1097500
572400
504800
2291400
1189400
620500
1134000
578000
899600
830900
752900
760600
868800
991300
765600
856100
491600
1031700
1063600
1418200
1007400
740900
24/6/10
25/6/10
28/6/10
29/6/10
30/6/10
1/7/10
2/7/10
5/7/10
6/7/10
7/7/10
8/7/10
9/7/10
12/7/10
13/7/10
14/7/10
15/7/10
16/7/10
19/7/10
20/7/10
21/7/10
22/7/10
23/7/10
26/7/10
27/7/10
28/7/10
29/7/10
30/7/10
2/8/10
3/8/10
4/8/10
5/8/10
6/8/10
9/8/10
10/8/10
11/8/10
12/8/10
13/8/10
16/8/10
17/8/10
18/8/10
19/8/10
20/8/10
23/8/10
24/8/10
25/8/10
26/8/10
27/8/10
30/8/10
31/8/10
1/9/10
2/9/10
3/9/10
6/9/10
7/9/10
8/9/10
9/9/10
13/9/10
14/9/10
15/9/10
16/9/10
17/9/10
20/9/10
21/9/10
22/9/10
2814.4
2810
2770
2793.05
2778
2791
2774.95
2730
2743
2799.6
2806
2838.1
2850.05
2870
2789.95
2748.95
2755
2749
2770.45
2767.3
2764.75
2787
2790
2803
2829
2824.8
2815
2800
2805
2790
2880
2861
2848.5
2870
2834
2796
2775
2760
2755
2765.1
2815
2803
2772
2789
2762
2775
2758
2719.35
2685
2713.85
2799
2761.1
2786.25
2840
2857
2870.1
2890
2950.6
2975
3032.05
2965.95
2975
3015
3060.5
2833.7
2811.95
2817
2813.6
2808.65
2791
2774.95
2752
2799
2799.6
2846.4
2880.5
2910
2875.05
2809
2776
2791
2792.8
2782.5
2779
2764.75
2870.05
2810
2834
2838.5
2840
2831.25
2812.8
2819
2892
2906.8
2892
2882.9
2870
2857.9
2796
2798
2778
2776.5
2819.5
2825
2803
2810
2789
2793.95
2782.95
2758
2736
2724
2784.5
2814
2804
2840
2872.9
2886.6
2900
2945
3000
3060
3032.05
3012.5
3018
3065
3062.9
2783.05
2771
2770
2767.1
2732
2751
2716
2720
2743
2765.2
2800.1
2838.1
2850
2781
2737
2740
2751
2735.75
2753.5
2760
2727.05
2765
2790
2803
2812
2810.85
2760
2781.15
2769.5
2790
2861.55
2852
2816.25
2815
2800
2754
2755
2750
2730
2758.15
2787.95
2754
2761.3
2755.2
2755.95
2747.35
2681.4
2666.3
2676.15
2708.25
2745.9
2761.1
2785.6
2810.2
2825
2858
2882
2950
2969
2958.25
2959.4
2975
2996.6
2994.45
2812
2775
2810
2800.1
2790
2763.2
2719.95
2743
2783
2780.1
2828
2875
2890.3
2790
2741.05
2761.2
2786
2762.2
2758
2768
2755
2781.3
2798.45
2830
2831.5
2830
2760.65
2802.55
2786
2872
2865.7
2865
2880
2835
2808
2773.7
2779
2758.5
2763
2817
2799
2772.7
2809
2761
2772.95
2769.9
2702.3
2685.35
2710
2770
2749.5
2776
2839
2855
2878.2
2887
2938.7
2983.7
3050
2961.9
2977.25
3015.5
3062
3010
1539500
418200
479200
471600
1181200
730900
1396100
452000
734000
740400
784700
982300
1074600
3187700
1774200
1041000
1025600
880800
631800
329300
1028300
665300
558800
636700
465600
451600
559000
476900
304300
1192000
824200
459500
525100
601400
668100
871600
695200
649200
642500
766000
603300
578100
563900
655900
437700
979300
871700
597600
965200
1266400
425300
950800
798800
1040100
1173300
948900
831300
1220800
1793000
886100
1077000
628200
1152900
1350800
23/12/10
24/12/10
27/12/10
28/12/10
29/12/10
30/12/10
31/12/10
3/1/11
4/1/11
5/1/11
6/1/11
7/1/11
10/1/11
11/1/11
12/1/11
13/1/11
14/1/11
17/1/11
18/1/11
19/1/11
20/1/11
21/1/11
24/1/11
25/1/11
27/1/11
28/1/11
31/1/11
1/2/11
2/2/11
3/2/11
4/2/11
7/2/11
8/2/11
9/2/11
10/2/11
11/2/11
14/2/11
15/2/11
16/2/11
17/2/11
18/2/11
21/2/11
22/2/11
23/2/11
24/2/11
25/2/11
28/2/11
1/3/11
3/3/11
4/3/11
7/3/11
8/3/11
9/3/11
10/3/11
11/3/11
14/3/11
15/3/11
16/3/11
17/3/11
18/3/11
21/3/11
22/3/11
23/3/11
24/3/11
129
3344
3347
3357
3371
3381
3410
3433
3444
3457
3465
3480
3463.35
3375
3340
3350
3293
3186.15
3200
3250
3307.15
3232
3271
3240
3265
3269
3205.8
3138.5
3126.3
3113
3101.4
3099
3074.9
3100
3085
3105.65
3030.2
3044
3100
3082.25
3118.5
3125
3100
3140.2
3105.9
3050
3023.2
3022
3030
3058.1
3067
3036
3030.25
3120
3095
3068
3035
3032
3025
2984.1
2980.15
2951.4
2935.15
2934.75
2992.95
3372
3381.8
3391.8
3389.95
3415
3454
3451
3469.7
3499
3477
3493
3495
3443.15
3423.4
3390
3299
3277.9
3281.7
3335.7
3314
3307.4
3278
3290
3304.85
3269
3268.55
3138.5
3128.4
3164
3153
3123.7
3113.9
3120
3159.7
3114
3068.7
3118.3
3129
3123.7
3128
3145
3177.8
3167
3105.9
3080
3042.65
3134.8
3108
3059
3090
3075
3132
3132.8
3100
3079
3108
3058.9
3061.45
2999
2994.8
2957
2956.75
2998.8
3012.2
3329.25
3342.05
3357
3363.5
3371.1
3402
3405.15
3427.7
3457
3445.1
3444.1
3356.35
3352
3288.1
3318.2
3195
3185
3191.25
3250
3235.8
3218.1
3231
3227.3
3236.05
3185.5
3140.65
3086.2
3043.1
3065
3086.2
3026.4
3061
3072
3067.9
3041
3020.35
3040.5
3074.15
3081.1
3102.2
3089.1
3076
3114
3070.05
2995
2966
2967.4
3008
3001
3048
3025.5
3020.2
3071
3062.5
3045
3030.65
3006
3020.05
2971
2932.6
2904.35
2924
2927
2978.75
3370
3365.7
3379.8
3381.8
3410.1
3446.2
3435.1
3462.45
3470
3463.5
3476.95
3371.1
3387.5
3342.7
3368.05
3203.2
3200.6
3276
3323.95
3246
3295
3243.2
3288
3236.35
3195.7
3179
3110
3079
3095
3119.95
3040.9
3099
3089.7
3131.1
3052
3037
3114
3105
3101.3
3112.35
3100
3157
3149.5
3076
3025
3019.9
3002.85
3094
3022.1
3069
3044
3108.15
3090
3089
3055
3097.4
3040
3030
2983
2942.05
2919.9
2947
2991.05
3005
778900
452500
461400
319300
475300
1123900
732400
631000
1014900
440300
586400
1068800
1298800
1539900
1254400
2794100
1290200
1027300
1224600
866800
903900
578300
937600
1240700
1588800
1585500
968600
1287700
1146800
756100
869900
917600
752900
938000
1031500
1401700
872300
574900
365000
424100
887700
1174800
760700
884500
2060800
1295800
1814300
1047200
1571400
1221300
919700
1064300
834500
429700
909700
444700
1129700
699300
1040100
933500
825800
639900
908300
1023600
23/9/10
24/9/10
27/9/10
28/9/10
29/9/10
3005.05
3022.9
3055
3025
3026
3034.75
3058.7
3060
3028.1
3079
2973.05
2993.65
3023.35
3001
3002.6
3025
3042
3030.55
3012
3031
Date
1/4/10
5/4/10
6/4/10
7/4/10
8/4/10
9/4/10
12/4/10
13/4/10
15/4/10
16/4/10
19/4/10
20/4/10
21/4/10
22/4/10
23/4/10
26/4/10
27/4/10
28/4/10
29/4/10
30/4/10
3/5/10
4/5/10
5/5/10
6/5/10
7/5/10
10/5/10
11/5/10
12/5/10
13/5/10
14/5/10
17/5/10
18/5/10
19/5/10
20/5/10
21/5/10
24/5/10
25/5/10
26/5/10
27/5/10
28/5/10
31/5/10
1/6/10
2/6/10
3/6/10
4/6/10
7/6/10
8/6/10
9/6/10
10/6/10
11/6/10
14/6/10
15/6/10
16/6/10
17/6/10
Open
207
208
210
210.2
211.5
210.6
211.5
209
209.5
208
204
206.05
205.5
206
206.75
205.95
201.5
204.4
207
205
207
205.05
201.2
207.5
199.8
203.9
205.1
205
206.25
205.6
204
204
203.5
203
200.75
200
197.1
193
194.8
198.75
202
200.25
198.9
199.85
202.4
198
199.55
200.05
200.65
200.55
200.6
200
203
201.4
High
208.7
209.45
211.4
212
211.9
212.2
212.15
210.5
211
209.8
209
208.5
207.45
208
207.9
207
206.5
207
207
208
207.45
206.5
206.1
207.5
206.2
205.5
206
206.5
208.5
208.25
204.85
205.4
205.25
205.2
203.7
200
197.1
197.25
198.5
201.35
202.9
202.35
199.5
202.35
203.9
200.5
201.45
200.7
201.9
201.8
200.75
203
203
201.4
Low
203
207
207.3
209.3
209.3
209.7
207.65
207.1
208.05
207
203.05
204.5
205.05
205.7
204.55
204.25
201.5
202.05
202.95
204.5
204.1
203.05
201.2
203
199.8
202
202.35
204.05
205.6
205.2
202.1
202.5
200.2
199.65
195.55
196.25
190.4
191.2
192.4
197
200
197
196.05
199.5
201.15
197.1
199
196.5
198.45
198.3
198.1
198.3
199.5
198.6
Close
207.85
209
209.75
211.55
210.6
211.5
208
209.5
209.05
207.6
205.9
205.45
206.65
206.65
205.1
204.9
205.75
205.8
203.65
206.95
204.9
203.55
205.25
203.4
201.65
205
204.95
206.2
207.05
205.95
204
204.65
201.2
204.75
196.15
198.1
192.15
194.8
197.2
200.95
202
197.5
197.5
201.6
201.6
199.05
200.05
198.65
199.45
199.25
199.6
201.9
200.4
200.05
1397600
1098900
901200
776100
1121600
25/3/11
28/3/11
29/3/11
30/3/11
31/3/11
3044
3139
3132
3172
3182
3185
3157.55
3188.7
3203.5
3265
3040.05
3109.75
3128.95
3156.65
3163.9
3152
3139.4
3166.95
3176.15
3240
1582800
1507000
1232500
701000
2354900
High
218.6
219.95
222.2
219.2
218.75
218.7
216.9
216.5
213
210.9
210.65
205.6
207.45
207.8
208
207.25
207
208.5
208.45
205
199.9
198.25
197.45
195.4
195.9
195.05
197
197
194.4
194.85
194.85
193.95
192.5
190.9
190.45
188.7
187
183.75
182.15
182.6
179.25
180.95
185.4
187
188.9
186
189
192.8
191.95
191.45
194.3
197.8
199.4
200.3
Low
215.1
216.85
216.9
215.6
216
214.05
212.6
211.7
209.85
207.1
201.5
202.75
202.2
203.15
203.5
204.8
203.5
204
204.5
198.1
193.9
194.4
192.6
192.6
192.55
194
195.4
192.75
192.5
193.35
191.8
191.8
188.55
186.2
186.3
183.75
182.05
177.85
177.05
176.35
175.2
178
178.3
182.05
182.4
183.15
185.7
187.05
189.25
186.05
186.85
191.25
196.5
194.85
Close
216.9
219.05
217.8
216.3
216.5
214.95
214.3
213
210.75
208.1
202.75
203.45
206.9
204.05
205.9
205.65
204
206.75
205.2
198.75
195.2
194.95
193.15
194.2
193.05
194.7
196.2
193
193.8
194.15
192.25
192.15
189.75
187
187.9
184.3
183.15
180
178.5
177.15
176.75
179.55
184.25
186.35
183.05
185.05
187.1
191.25
190.45
187.15
192.2
196.6
198.8
196.95
Volume
406600
434600
981900
384400
325600
547300
218100
169200
262400
421400
767900
320200
400100
357700
1007500
261900
1477400
277100
159700
566100
914900
306600
144400
239100
224900
194700
106300
668700
354500
473600
299900
202900
505300
402700
480200
520000
325300
496500
311400
494000
522000
284000
419800
390200
416000
261300
591900
341100
269500
266300
352900
401400
445100
481600
Date
30/9/10
1/10/10
4/10/10
5/10/10
6/10/10
7/10/10
8/10/10
11/10/10
12/10/10
13/10/10
14/10/10
15/10/10
18/10/10
19/10/10
20/10/10
21/10/10
22/10/10
25/10/10
26/10/10
27/10/10
28/10/10
29/10/10
1/11/10
2/11/10
3/11/10
4/11/10
5/11/10
8/11/10
9/11/10
10/11/10
11/11/10
12/11/10
15/11/10
16/11/10
18/11/10
19/11/10
22/11/10
23/11/10
24/11/10
25/11/10
26/11/10
29/11/10
30/11/10
1/12/10
2/12/10
3/12/10
6/12/10
7/12/10
8/12/10
9/12/10
10/12/10
13/12/10
14/12/10
15/12/10
130
Open
216.5
217.7
220
218
217.3
217
216.4
216
212.05
210
208.9
202.75
205.5
206.05
203.5
206
206
204
207.25
205
199.9
197
196.6
194.8
195.9
195
196.4
197
194.4
194.4
194.5
192.8
192
190.9
189.5
188.7
187
183.75
181.5
179.9
179.25
179.5
179.9
184
187.5
184.4
186.5
188.5
191.95
190.8
187.95
192.7
196.5
199
18/6/10
21/6/10
22/6/10
23/6/10
24/6/10
25/6/10
28/6/10
29/6/10
30/6/10
1/7/10
2/7/10
5/7/10
6/7/10
7/7/10
8/7/10
9/7/10
12/7/10
13/7/10
14/7/10
15/7/10
16/7/10
19/7/10
20/7/10
21/7/10
22/7/10
23/7/10
26/7/10
27/7/10
28/7/10
29/7/10
30/7/10
2/8/10
3/8/10
4/8/10
5/8/10
6/8/10
9/8/10
10/8/10
11/8/10
12/8/10
13/8/10
16/8/10
17/8/10
18/8/10
19/8/10
20/8/10
23/8/10
24/8/10
25/8/10
26/8/10
27/8/10
30/8/10
31/8/10
1/9/10
2/9/10
3/9/10
6/9/10
7/9/10
8/9/10
9/9/10
13/9/10
14/9/10
15/9/10
16/9/10
200.25
201
200
199.1
197.1
196
197.95
198.4
198
198.45
200.15
201
199.8
201
200.25
200.8
199.35
199.6
200
199.25
198.9
198.25
202
203.5
202.7
205.25
202.7
199.9
201.4
198.1
199.15
200.5
198.2
198.2
200.25
198.95
197.25
199.05
196.85
196.05
195
196.55
196.8
196.15
195.55
193.95
193.25
195
193
194.45
196.9
197
195
196
198.5
196.8
196.3
197.1
199.4
200.5
203.1
208
205.95
207
201.4
202.9
201.8
199.6
197.9
197.6
199
198.8
199.7
201.7
202.85
202.7
202.5
202
201.9
200.8
201.65
200.9
201.5
199.9
199.5
204.05
204.9
203.5
205.3
205.8
202.85
204.25
201.95
200.7
199.9
200.5
199
200
200.25
199
199.5
199.2
197.35
196.6
196.8
197.75
197
196.15
195.55
195
194.5
197
195.35
199.8
199.6
198
196.5
197.9
198.5
196.8
197.25
200.3
200.9
203.25
208.5
208.9
207.5
209.6
198.55
200.75
199.15
196
194.3
194
196.25
197
196.2
197.3
199.9
198.85
199.55
200
199.1
197.55
198.9
199.15
199
197.95
197.5
197.9
202
202.1
201.25
201.25
200.05
198.25
198.8
198.1
198.2
194.2
197.4
197.05
198.1
197
197.1
196.45
196.05
193.6
194.25
195.15
194.1
194.1
193.5
193
192.9
193.15
193
194
195.1
193
194.5
195.5
195.15
195.1
195.85
196.3
197.55
198.5
202.05
205.1
204.7
205.15
200.45
201.05
199.5
196.65
194.9
196.15
198.8
197.3
199.15
199.95
202.25
200
201.2
200.05
199.5
198.15
199.35
199.45
199.35
198.9
198.25
202.65
203.1
202.65
204.45
201.8
201.45
201.45
199.2
199.45
198.6
198
197.65
199.4
198.45
197.3
199.05
196.85
196.35
194.55
195.55
196.05
195.05
194.55
193.95
193.25
193.9
193.55
193.6
197.9
195.95
195.85
195.75
196.9
195.6
196.2
196.65
199.65
199.45
202.35
206.9
205.65
206.65
206.35
118700
241000
158200
401800
497200
179600
326900
202000
146400
214700
215200
131300
337900
710300
140500
798300
758900
118200
876900
128100
132300
512500
556900
141900
216900
248700
153400
302700
178000
189200
125600
123200
93900
132000
123600
108600
134500
148000
129200
158800
231200
221500
132000
126900
138100
147900
172100
144500
126000
292900
203200
180000
98000
136400
71100
127800
152100
409400
186200
478400
597000
520300
414800
689200
16/12/10
20/12/10
21/12/10
22/12/10
23/12/10
24/12/10
27/12/10
28/12/10
29/12/10
30/12/10
31/12/10
3/1/11
4/1/11
5/1/11
6/1/11
7/1/11
10/1/11
11/1/11
12/1/11
13/1/11
14/1/11
17/1/11
18/1/11
19/1/11
20/1/11
21/1/11
24/1/11
25/1/11
27/1/11
28/1/11
31/1/11
1/2/11
2/2/11
3/2/11
4/2/11
7/2/11
8/2/11
9/2/11
10/2/11
11/2/11
14/2/11
15/2/11
16/2/11
17/2/11
18/2/11
21/2/11
22/2/11
23/2/11
24/2/11
25/2/11
28/2/11
1/3/11
3/3/11
4/3/11
7/3/11
8/3/11
9/3/11
10/3/11
11/3/11
14/3/11
15/3/11
16/3/11
17/3/11
18/3/11
131
197
198
192.85
192.05
193.45
196.35
197
197
197
197.75
201.1
201
198
200
199.5
202
196.15
191
192
191.8
189
186.8
188.35
189
186.5
189.5
191
192.05
195.9
194.6
191.5
189
188.85
181.5
181
180
181
174.6
172.95
170.8
179.9
179.5
180.9
181.8
181
177.75
177.4
175.9
174
172
171
172.5
180.9
180
179.85
180.55
180.05
179
175.05
174.6
176
176
176.95
177.5
199.5
198.4
194
193.75
196.1
198.4
199.5
197.9
198.9
202.95
201.95
202.7
201.45
200.65
202
203.15
197
194.75
193.35
191.8
195
188.35
189.7
191
189.45
191.5
193.5
197.7
197.7
195.5
191.5
190
190
182.5
181.9
180
181.75
175.5
173.6
177.75
180.3
181.8
181.9
181.8
181.6
178.3
177.4
176.8
174
172.8
175.8
181.65
182
181.3
180.85
181.55
181
179
176.55
178.4
176
178.35
177
177.5
195.85
192.2
190
192
192.35
195
196.55
196.05
196.5
197.3
199.7
196
198
198.1
198.15
195.8
190.15
188.5
185.6
187.65
186
185
187.85
186.55
186.25
189.05
189.6
192.05
193
191.15
187.25
184.7
179.9
178.6
175.55
177
173.8
170.1
170
170.6
177.6
177.9
180.15
179
177.75
174.6
174.7
172.7
170.25
168.6
169.55
171.05
177.7
178.35
175.4
178.45
177.5
174.6
173.05
174.6
173.2
175.5
174.8
173.6
197.7
192.9
191.75
192.85
195.75
197.95
196.75
196.4
197.95
201.9
200.6
198.05
199.95
199.1
201.75
196.9
191
190.25
190.85
188.85
186.8
187
188.8
187.3
188.8
189.6
192.35
195.9
194.6
191.8
188.9
185.2
180.3
182.2
176.75
179.35
174.7
171.25
170.35
176.3
178.15
180.9
181.2
180.4
178.5
176.65
175.55
173.5
171.15
170.45
170.05
180.8
178.45
179
179.6
179.9
178.05
175.85
174.55
177.9
174.25
177.05
176.15
173.9
275200
134400
199400
121000
170900
201800
85200
60800
360700
575400
118800
198200
227600
120500
299900
319000
211800
659700
189200
164200
218900
179400
108800
93600
97200
91500
100800
239500
320700
231500
279200
161200
516900
259400
358000
153600
195200
333000
212000
317300
125400
181700
68200
72400
109600
128500
92200
112300
150200
170700
211500
323700
180600
104000
163600
138600
124800
208600
282100
152500
163800
149800
119000
130800
17/9/10
20/9/10
21/9/10
22/9/10
23/9/10
24/9/10
27/9/10
28/9/10
29/9/10
207
205.95
208
207
208.7
206.8
211
214.9
219.45
208
206.8
209.4
209
210.7
209.9
215.6
219.8
221
204.5
204.05
204.55
206.5
206.1
205.15
209.15
214
215.8
Date
1/4/10
5/4/10
6/4/10
7/4/10
8/4/10
9/4/10
12/4/10
13/4/10
15/4/10
16/4/10
19/4/10
20/4/10
21/4/10
22/4/10
23/4/10
26/4/10
27/4/10
28/4/10
29/4/10
30/4/10
3/5/10
4/5/10
5/5/10
6/5/10
7/5/10
10/5/10
11/5/10
12/5/10
13/5/10
14/5/10
17/5/10
18/5/10
19/5/10
20/5/10
21/5/10
24/5/10
25/5/10
26/5/10
27/5/10
28/5/10
31/5/10
1/6/10
2/6/10
3/6/10
4/6/10
7/6/10
8/6/10
9/6/10
10/6/10
11/6/10
Open
1080.05
1100
1140
1128
1105.25
1108
1128
1137
1130
1067.05
1074.65
1072
1073.95
1059.7
1088
1091.3
1049.6
1045
1030
1040
1024.7
1008
1000.35
1019.95
998.95
1050.05
1080
1070
1089
1065
1034.95
1023
1008.9
1004
985
1000
1012
999.4
1010
1031.15
1038.7
1045
1012
1037
1038.65
1015
1012
1006.4
1012.7
1024
High
1098.9
1127
1140
1171
1139
1139.4
1138.8
1137
1132.5
1093.8
1074.65
1079.3
1073.95
1093.9
1095
1091.9
1069.7
1050
1038
1045
1032.45
1039
1023
1024.7
1060
1083
1089
1088.2
1093.6
1069.8
1038.8
1033.45
1014.5
1013.75
1000
1049
1017.85
1009.25
1025.7
1037
1047.95
1049.7
1028
1038.4
1038.65
1018.7
1013.4
1014.8
1017
1049.5
Low
1078
1099
1118.25
1123.05
1101.1
1107
1122
1095
1087.35
1067.05
1052.2
1055
1050.2
1050
1081.25
1064
1020
1012.05
1019
1030
1018.1
1008
1000
1006.25
991.1
1045
1063.15
1063.1
1070.3
1036.15
1010
1009
995.05
993.4
976.35
1000
985
991.3
1002.15
1015
1030.1
840.55
1003.6
1021.25
1023
1000.3
995
1000
1008.2
1023
205.95
204.9
206.9
208.1
207.45
209.25
214.5
219.45
216.95
1566500
247300
803400
666600
637600
676700
1700400
1864000
570900
21/3/11
22/3/11
23/3/11
24/3/11
25/3/11
28/3/11
29/3/11
30/3/11
31/3/11
175
174
174.95
176
176.5
180
185.05
188
189.2
175
175.4
175.85
176.5
183.3
186.75
189.8
190.6
194.9
172.6
173.85
173.5
175
176
180
183.6
188
189
173
174.4
175.35
175.55
182.25
185.05
188.05
188.95
193
133100
108100
81400
86500
285000
236600
192400
126600
215700
Low
979.25
991
1010.3
1009.35
1026.3
1032.1
1030
1055
1046.05
1055.15
1054.1
1036
1034.25
1040
1038
1049.15
1074.25
1085.5
1087.55
1085
1078
1080.1
1088.35
1071.25
1062.25
1075.3
1102.2
1100
1097.75
1100
1078.05
1058.5
1039.35
1028.05
1015
987.15
998.8
975.1
987
976
958.9
962.55
982.25
983.4
996.15
998.25
1012.5
1019.1
1011.4
977.2
Close
986.35
1006.45
1017.9
1023.25
1044.6
1038.5
1048.25
1068.95
1053.9
1072.15
1058.25
1040.9
1048.9
1043.85
1048.7
1079.25
1081.45
1090.35
1096.5
1092.65
1083.05
1095.8
1093.1
1074.35
1065.25
1104.75
1106.95
1112
1107.45
1102.45
1082.05
1061.85
1054
1030.35
1032.55
996.85
1012.1
994.9
994.1
980.3
962.55
998.2
986.8
990.1
1009.5
1006.4
1019.75
1030.5
1019.1
984.35
Volume
1104000
601800
720100
1096100
1250800
1431800
917200
1177800
536300
1013900
904900
507900
833200
852800
876600
1534100
882000
822600
493600
901500
716300
1076300
728900
782100
888100
1058700
526700
678700
568100
614400
500400
810400
646800
767400
920400
1011100
491400
982500
536900
890800
1087400
972100
815900
594500
723800
721200
685100
739700
401700
1108600
Volume
452700
804700
457800
837700
561800
759800
525400
466500
1256200
879800
832100
761600
726100
1333700
1063400
846100
528300
2037900
891400
699400
701900
1620300
729800
833100
4008800
1418100
1314200
781300
503400
867100
1113500
831600
1169200
873400
924200
1277400
1244400
589400
831800
672300
538000
1586300
810800
540700
363400
568100
757500
866900
473300
1615800
Date
30/9/10
1/10/10
4/10/10
5/10/10
6/10/10
7/10/10
8/10/10
11/10/10
12/10/10
13/10/10
14/10/10
15/10/10
18/10/10
19/10/10
20/10/10
21/10/10
22/10/10
25/10/10
26/10/10
27/10/10
28/10/10
29/10/10
1/11/10
2/11/10
3/11/10
4/11/10
5/11/10
8/11/10
9/11/10
10/11/10
11/11/10
12/11/10
15/11/10
16/11/10
18/11/10
19/11/10
22/11/10
23/11/10
24/11/10
25/11/10
26/11/10
29/11/10
30/11/10
1/12/10
2/12/10
3/12/10
6/12/10
7/12/10
8/12/10
9/12/10
132
Open
1000
992
1014
1016
1030
1047
1030
1055
1069
1058
1075
1064
1045.35
1063.3
1040
1053
1083.1
1085.5
1087.55
1096.5
1100
1083
1121.1
1094
1082
1076
1115.9
1110.5
1114
1105
1107
1079.7
1067
1057.1
1035
1034
1004.7
1005
1000
1001.1
984
970
997.1
985
999
1011
1013
1019.1
1024.9
1024.2
High
1000
1008.75
1025
1030.9
1047
1055
1052.5
1070
1074.4
1073.15
1079
1067.5
1065
1068
1063.8
1086.5
1092.85
1101
1099.7
1110
1102
1107.3
1187
1096
1085
1106.8
1120
1119.25
1120.5
1116.55
1111.6
1087.6
1068
1058
1045.2
1036.7
1015
1005
1015.9
1003
990.5
1002
1007.4
997.4
1011.5
1022.55
1029.8
1039.4
1027.15
1033
14/6/10
15/6/10
16/6/10
17/6/10
18/6/10
21/6/10
22/6/10
23/6/10
24/6/10
25/6/10
28/6/10
29/6/10
30/6/10
1/7/10
2/7/10
5/7/10
6/7/10
7/7/10
8/7/10
9/7/10
12/7/10
13/7/10
14/7/10
15/7/10
16/7/10
19/7/10
20/7/10
21/7/10
22/7/10
23/7/10
26/7/10
27/7/10
28/7/10
29/7/10
30/7/10
2/8/10
3/8/10
4/8/10
5/8/10
6/8/10
9/8/10
10/8/10
11/8/10
12/8/10
13/8/10
16/8/10
17/8/10
18/8/10
19/8/10
20/8/10
23/8/10
24/8/10
25/8/10
26/8/10
27/8/10
30/8/10
31/8/10
1/9/10
2/9/10
3/9/10
6/9/10
7/9/10
8/9/10
9/9/10
1055.9
1067.7
1070
1060.5
1070.95
1061.1
1065
1059
1055.2
1050
1070
1084.9
1059.95
1083.6
1078.7
1064.95
1064.95
1072.5
1064.7
1060
1062
1054.95
1080.05
1070.95
1069.95
1057.5
1061
1059
1057
1070
1061.05
1057.5
1065
1023
1004.95
1020.05
1018.9
1029.7
1014.7
1011.7
1002
1020
988.5
976.1
970
1018.7
980
978.7
986.65
971
990
979
970
974.7
946.55
961.3
944.9
931
945
941
915
957
962
964.9
1069.5
1069.65
1078.7
1077.65
1089.9
1073.8
1074.8
1067.7
1065
1068
1090.8
1087.7
1092.9
1083.6
1083.7
1073.85
1079.75
1075
1070
1066
1068
1077.85
1085
1079.9
1072.2
1065.75
1065.85
1063
1060.85
1070.7
1068.3
1061
1068.7
1028.7
1020.4
1021
1029.5
1029.7
1028
1011.7
1008.7
1020
994.9
979
993.95
1018.7
989.9
978.7
986.65
993
994.95
980.8
977
974.7
970
962
946.8
942.9
947.9
941.9
957.45
969.8
965.25
967
1050.2
1051
1055.05
1058.8
1052
1061.1
1057.55
1054
1048
1043.2
1065
1064.1
1055.2
1068
1065.1
1063.4
1064.95
1051
1055
1052.4
1052.7
1054.95
1066.1
1065
1060.25
1054
1050.05
1056
1049.05
1057
1049.5
1051.25
1018.45
1008.1
1004
1012
1012.9
1013.15
1004.25
999
992.15
987
980.1
970
957.1
974
970.1
959
965
971
975.15
968.05
965.1
955.15
946.55
945.25
915.1
922.5
935.2
924.3
885.15
953.1
953
955.1
1063.4
1065.45
1057.35
1071.3
1055.25
1065.25
1063.65
1058.6
1051.3
1063.25
1088
1067.3
1086.9
1076.15
1068.45
1067.8
1072.6
1052.95
1056.5
1055.85
1055.75
1074.75
1069.05
1072.95
1062.95
1056.25
1052.9
1058.25
1058.9
1060.15
1052.05
1053.5
1020.95
1010.45
1009.6
1014.55
1026.2
1015.9
1006.95
1000.3
993.65
988.25
982.55
972.25
979.05
976.2
971.1
964.75
976.8
988.15
976.4
972.15
968.1
956.7
949.75
947.75
918.85
936.45
937.15
925.6
953.2
961.85
960.05
957.95
669800
803000
643400
1310200
2147600
498600
563900
480000
514600
986700
1231600
646500
1037000
525600
528700
277800
325900
555700
542700
474400
530700
678700
470700
387100
430400
503300
335300
356000
540500
611700
430000
549600
2616100
1326200
871000
392600
759600
706200
739900
931900
1014000
1016000
1454800
1458400
1508700
707800
708100
1290800
1028500
1258300
826500
775300
662800
1059700
1339500
821000
2635100
1098200
732900
767500
1386300
1210500
579000
511100
10/12/10
13/12/10
14/12/10
15/12/10
16/12/10
20/12/10
21/12/10
22/12/10
23/12/10
24/12/10
27/12/10
28/12/10
29/12/10
30/12/10
31/12/10
3/1/11
4/1/11
5/1/11
6/1/11
7/1/11
10/1/11
11/1/11
12/1/11
13/1/11
14/1/11
17/1/11
18/1/11
19/1/11
20/1/11
21/1/11
24/1/11
25/1/11
27/1/11
28/1/11
31/1/11
1/2/11
2/2/11
3/2/11
4/2/11
7/2/11
8/2/11
9/2/11
10/2/11
11/2/11
14/2/11
15/2/11
16/2/11
17/2/11
18/2/11
21/2/11
22/2/11
23/2/11
24/2/11
25/2/11
28/2/11
1/3/11
3/3/11
4/3/11
7/3/11
8/3/11
9/3/11
10/3/11
11/3/11
14/3/11
133
985.5
1024.15
1044
1056
1052
1044.95
1058.5
1071.3
1056.15
1055.9
1058.25
1055.1
1048.95
1051.1
1058.1
1062
1060
1077.55
1079.65
1081
1066
1037.15
1020
1030
1015.3
1003.9
1004.7
1000
978.45
975
997.45
978
966.5
945
909
926
910
926
945.7
925
936
909.45
914.8
901.45
910
913.9
939.4
947.9
955.1
936.1
991.5
985
995
977
971.7
971.5
977
984.4
974.8
979
988.5
992.15
980.7
991.8
1029
1045
1058
1062.5
1059
1068
1074.6
1075
1064
1063.55
1068
1059.4
1054
1055.7
1066.25
1066.4
1078.8
1090
1089
1087.6
1070
1048.6
1035
1039.55
1028.95
1006.85
1007.5
1004.9
978.45
992
997.45
984.45
968
946.45
929
927.9
927.5
947.7
946
938.9
938.8
936.45
921
914.8
918
944.45
951
955
963
961
1008.65
1002.85
998.2
981.15
994
992
985.15
993
981.9
991.9
1003.8
993
994.85
1020
980
1009.05
1041.5
1036.3
1041
1041.05
1058.5
1050.05
1050.2
1050.35
1051.75
1042.5
1046.05
1046.1
1053.35
1052.2
1056.15
1070.15
1073.35
1058.1
1021.35
999.1
1003.05
1011.55
998
992.4
990
976
954.2
972.1
965
956
940
903.1
903.3
890
907
914.6
914
914.4
911.6
904
885
888
895
911.55
937
937
933.5
934.15
979.1
982.5
960
954
961
968.5
968.7
978.5
964.1
978.15
968.1
981.9
971.9
991.8
1023.7
1041.8
1052.6
1051.9
1055.8
1057.45
1071.45
1057.05
1058.15
1059.55
1055.1
1047.15
1048.3
1050.6
1058.25
1054.15
1076.55
1073.9
1084
1064.9
1031.05
1014.3
1030.6
1015.25
1001.15
997.8
994.6
981.5
969.75
986.5
971.05
958.55
943
914.5
919.25
895.65
921.4
943.5
919.5
929.3
915.5
911.85
899.75
910.6
915.2
941.75
944
953.5
937.35
956.5
985.05
996.35
965.85
965.95
964.95
988.95
978.4
981.75
976.15
984.4
993.9
984.45
991.6
1017.65
944000
707100
760100
724600
519300
477500
655300
664200
375000
298800
274400
588700
358300
211100
353700
378300
924300
1179900
684800
580500
699700
808400
700800
990500
1136900
673900
592300
690000
1915800
808100
944900
902200
1171900
2000300
1482200
2333800
1622500
1816300
975800
649200
725400
1169500
1284800
799700
1273000
1013400
506600
569000
932000
1056600
3316000
819600
1051200
634500
942000
564100
710600
495600
602000
610300
1767100
552300
978600
991900
13/9/10
14/9/10
15/9/10
16/9/10
17/9/10
20/9/10
21/9/10
22/9/10
23/9/10
24/9/10
27/9/10
28/9/10
29/9/10
965.35
992
990
1002
1006
1028.7
1045
1040
1024.7
987
1008
1008
1002
994.8
1003
1016
1018
1029.8
1042.9
1048
1042.4
1024.7
1008.7
1018.9
1012.8
1008.85
965.35
984.2
985.7
998.55
1002.25
1020.55
1025.25
1015.15
995.6
987
1005
993.25
995.15
992.2
987.75
1010.45
1000.9
1026.75
1039.7
1032.9
1019.25
997.7
1001.65
1009.55
998.25
999.05
Date
1/4/10
5/4/10
6/4/10
7/4/10
8/4/10
9/4/10
12/4/10
13/4/10
15/4/10
16/4/10
19/4/10
20/4/10
21/4/10
22/4/10
23/4/10
26/4/10
27/4/10
28/4/10
29/4/10
30/4/10
3/5/10
4/5/10
5/5/10
6/5/10
7/5/10
10/5/10
11/5/10
12/5/10
13/5/10
14/5/10
17/5/10
18/5/10
19/5/10
20/5/10
21/5/10
24/5/10
25/5/10
26/5/10
27/5/10
28/5/10
31/5/10
1/6/10
2/6/10
3/6/10
4/6/10
7/6/10
8/6/10
Open
2085
2111
2145
2135
2105
2100
2115
2090.1
2110
2051.05
2027
2045
2102
2100
2220
2269
2252.1
2148.5
2225
2285
2291
2250
2260
2285
2295
2250
2315
2285
2330
2312.35
2200
2262
2248
2230
2245
2275
2232
2170
2165
2239
2240
2260
2210
2270
2298
2300
2285
High
2108.7
2141
2149.8
2135
2109.9
2123.9
2115
2109.4
2110
2055
2043.9
2106
2118.9
2248.8
2292
2275
2252.1
2251.9
2285
2318.8
2309
2315.5
2298
2317
2295
2322
2337.9
2340
2348.8
2334
2268
2296.9
2272
2274
2283.4
2311.65
2232
2183.35
2240
2251.65
2274.9
2275
2267.45
2303.7
2348.95
2303.9
2329.9
Low
2079.05
2107
2113.25
2098.1
2088
2086
2080.7
2063.85
2048.1
2026
2015
2023
2087.1
2095
2215.95
2240.1
2209
2148.5
2225
2274.45
2277.1
2250
2245
2262.6
2218.1
2249
2280
2285
2306.2
2213
2141.75
2230.9
2193.1
2220
2209.15
2231.8
2138
2151
2158.25
2202.85
2231.5
2203
2201
2270
2277.6
2273
2268
Close
2103.7
2137.5
2124.05
2112.4
2094.25
2106.55
2092.1
2092.5
2054.1
2046.8
2031.75
2098.05
2105.2
2222.65
2255.6
2252.05
2216.1
2235.85
2274.45
2297.95
2300.05
2281.1
2285.3
2309.85
2226.35
2306.7
2286.9
2323.95
2315.15
2222.65
2251.45
2276.15
2214.85
2263.4
2271.55
2243
2154.6
2172.1
2215.7
2235.3
2268.35
2210.15
2258.95
2286.5
2341.8
2287.05
2284.35
1162900
1088600
1575300
680500
1253200
1091300
848000
706300
897900
935800
615100
678600
867800
15/3/11
16/3/11
17/3/11
18/3/11
21/3/11
22/3/11
23/3/11
24/3/11
25/3/11
28/3/11
29/3/11
30/3/11
31/3/11
995.25
1043.5
1041
1035.9
1000
993.75
999.15
1014.5
1017
1027.05
1021
1025.1
1035.65
1048.5
1054.5
1048.5
1036
1001
1004.75
1015
1021.4
1029
1036.9
1031.5
1036.8
1052.5
990.15
1038.15
1028.05
987.2
981.6
992.1
995.5
1003.6
1010.4
1011
1019.05
1024
1034.9
1036.3
1044.6
1031.45
993.15
988.55
999.5
1012.65
1010.1
1026.05
1023.4
1022.65
1032.9
1047.8
1985500
869400
504700
1811500
704100
403700
556800
360100
546500
619700
504100
385000
796200
High
3268
3272
3299
3274
3280
3245
3268
3269.7
3260.05
3315.6
3322
3275
3208
3203
3131
3210
3221
3251
3238
3214.95
3233.8
3185
3290
3239.8
3282.7
3450
3497
3515
3353.9
3292
3254.6
3170
3174.5
3187.9
3111
3070.8
3047
3016.5
2978.7
2880
2906
2900.1
3000
3119.5
3172
3103.05
3089
Low
3174.1
3222.1
3240
3242.1
3225.2
3205
3201
3245.65
3202
3224
3251.1
3150
3135
3110.3
3077
3107
3172.55
3204.05
3172
3157.25
3161.6
3115
3170
3175.5
3212
3285
3455
3412
3254.9
3208
3165.05
3008
3013
3065
2965.2
2975.1
2982.25
2883.3
2810.1
2777
2795.1
2840.8
2858.1
2978.5
3090.1
3048.05
2933.2
Close
3233.2
3261.2
3256.35
3249.6
3232.1
3216.65
3244.9
3259.2
3231.8
3304.9
3262.7
3164.7
3167.1
3121.5
3094.45
3196.4
3201.1
3240.05
3180.45
3193.45
3177.55
3151.2
3195.8
3202
3272.05
3434.9
3489.55
3422.65
3271.9
3213.5
3174.85
3030.4
3164.15
3081.55
3064.5
2991.8
3038.6
2952.6
2854.1
2826.1
2858.85
2879.75
2994.1
3105.1
3097.75
3071.3
2952.85
Volume
465500
398800
258200
263400
130500
169300
245000
168400
170600
445000
177400
329500
278500
375700
331500
369100
303700
230100
309900
194000
251400
248300
89600
376900
343700
552900
134600
406400
833400
554200
575800
790900
1053200
921000
1037200
659600
587000
986400
915600
899600
853900
478300
764800
762500
702600
463200
722100
Date
30/9/10
1/10/10
4/10/10
5/10/10
6/10/10
7/10/10
8/10/10
11/10/10
12/10/10
13/10/10
14/10/10
15/10/10
18/10/10
19/10/10
20/10/10
21/10/10
22/10/10
25/10/10
26/10/10
27/10/10
28/10/10
29/10/10
1/11/10
2/11/10
3/11/10
4/11/10
5/11/10
8/11/10
9/11/10
10/11/10
11/11/10
12/11/10
15/11/10
16/11/10
18/11/10
19/11/10
22/11/10
23/11/10
24/11/10
25/11/10
26/11/10
29/11/10
30/11/10
1/12/10
2/12/10
3/12/10
6/12/10
134
Open
3187.3
3250
3280
3257
3280
3236.1
3201
3259.75
3260.05
3240
3312
3271
3164.7
3190
3106.95
3110
3208
3204.05
3235
3177.9
3211
3176
3187
3201
3219
3285
3455
3515
3353.9
3269
3227
3170
3040
3169
3097
3070.8
3005.35
3016.5
2962
2874.9
2834
2874.4
2874
2998
3129
3093
3075.1
9/6/10
10/6/10
11/6/10
14/6/10
15/6/10
16/6/10
17/6/10
18/6/10
21/6/10
22/6/10
23/6/10
24/6/10
25/6/10
28/6/10
29/6/10
30/6/10
1/7/10
2/7/10
5/7/10
6/7/10
7/7/10
8/7/10
9/7/10
12/7/10
13/7/10
14/7/10
15/7/10
16/7/10
19/7/10
20/7/10
21/7/10
22/7/10
23/7/10
26/7/10
27/7/10
28/7/10
29/7/10
30/7/10
2/8/10
3/8/10
4/8/10
5/8/10
6/8/10
9/8/10
10/8/10
11/8/10
12/8/10
13/8/10
16/8/10
17/8/10
18/8/10
19/8/10
20/8/10
23/8/10
24/8/10
25/8/10
26/8/10
27/8/10
30/8/10
31/8/10
1/9/10
2/9/10
3/9/10
6/9/10
2277
2281
2336
2354.85
2349.8
2365
2360
2352
2362
2378.1
2335
2345
2351
2293.7
2335.85
2285
2290
2262
2265
2275
2313
2323
2363.8
2375
2400
2445
2458
2440
2420
2465
2458.7
2429
2480
2460.6
2405.55
2448
2465
2465
2520
2600
2600
2595
2615
2621
2645
2631.65
2595
2790
2849.9
2825
2827.45
2799
2788.7
2781
2825.15
2848
2825
2878
2820
2795
2772
2785
2769
2780
2309
2339.6
2354
2365
2374.2
2379.8
2360
2384
2402.5
2385
2358
2365.95
2356
2313.7
2335.85
2310.35
2296
2310
2293.95
2319.8
2318
2364
2377
2410.7
2435
2477.7
2470
2463.7
2465
2465.95
2458.7
2490
2504
2504
2445.75
2476.4
2478.8
2519.9
2599.9
2616.4
2603.05
2663
2653
2655
2674.4
2646
2797.8
2879.95
2855.4
2857.1
2834.8
2829.95
2830.75
2839.9
2853.9
2854.4
2884
2878
2830.25
2795
2786
2805
2789
2871.95
2258.5
2281
2327.1
2326.55
2320
2265
2326.1
2341
2362
2350
2329.25
2337.9
2288
2276.55
2285
2275
2254.4
2257.2
2262.5
2271.2
2290
2318
2360
2370
2394
2440
2434
2429
2405.55
2440.05
2434.5
2416.8
2460
2402
2401
2423.9
2440
2450.5
2511
2578
2571.85
2592.25
2605.55
2617
2622
2599.1
2580.5
2780
2810
2811.4
2766
2780
2780
2770.1
2801.1
2815.2
2825
2788.7
2787
2744.8
2738.75
2750
2751
2778.1
2272.95
2327.05
2338
2344.7
2363.95
2361
2345.25
2372.7
2386.95
2354.85
2349.55
2356.35
2300.8
2301.95
2294.9
2302.1
2261.8
2265.25
2272.6
2313
2303.95
2356.75
2368.85
2399.55
2428.05
2464.35
2439.45
2441.15
2456.15
2448.45
2437.15
2477.25
2494.7
2408.85
2435
2470.85
2473.2
2503.8
2581.1
2603.05
2594.5
2646.35
2620
2649.35
2631.65
2603.6
2784
2849.4
2820.25
2818.15
2814.9
2805.7
2783.65
2822.6
2846.95
2823.7
2865.1
2803.1
2801.3
2764.85
2776.8
2758.1
2773.5
2858.75
643600
772800
351900
275100
469900
421300
262900
539900
298800
191500
207000
221900
280800
280000
415700
342400
381800
237000
149200
319800
221000
453800
282600
338800
429500
415600
238200
163500
205000
129900
132300
391900
374900
348700
513000
299700
403600
563900
397600
496300
276400
485300
211800
218400
311200
228500
2337800
1084500
357900
270700
439400
317600
290900
388700
461600
307400
517700
309700
263500
317900
305200
230300
180400
340000
7/12/10
8/12/10
9/12/10
10/12/10
13/12/10
14/12/10
15/12/10
16/12/10
20/12/10
21/12/10
22/12/10
23/12/10
24/12/10
27/12/10
28/12/10
29/12/10
30/12/10
31/12/10
3/1/11
4/1/11
5/1/11
6/1/11
7/1/11
10/1/11
11/1/11
12/1/11
13/1/11
14/1/11
17/1/11
18/1/11
19/1/11
20/1/11
21/1/11
24/1/11
25/1/11
27/1/11
28/1/11
31/1/11
1/2/11
2/2/11
3/2/11
4/2/11
7/2/11
8/2/11
9/2/11
10/2/11
11/2/11
14/2/11
15/2/11
16/2/11
17/2/11
18/2/11
21/2/11
22/2/11
23/2/11
24/2/11
25/2/11
28/2/11
1/3/11
3/3/11
4/3/11
7/3/11
8/3/11
9/3/11
135
2950
2850
2813
2684
2748
2750.8
2783.5
2714.4
2750
2712
2749
2754
2744
2760.55
2760
2735
2755.35
2762.95
2830.05
2834.3
2734
2712.25
2621.4
2604
2548.7
2628.7
2671.1
2565
2506.9
2524.9
2562.55
2497
2530
2635.1
2705.25
2688.4
2649
2580.15
2651.9
2625
2575
2652
2660
2670
2631.15
2578
2497.9
2618.7
2707
2738
2751
2785
2756.55
2770.25
2713.1
2623.8
2543.1
2591.45
2651
2693.8
2710.1
2680.2
2624.55
2660
2950
2861.95
2820
2747
2780
2805
2783.9
2780
2750
2766
2788.4
2767
2769.8
2771.9
2760.05
2763
2779.9
2827.85
2852.45
2834.3
2734.5
2717
2642.9
2635.2
2628
2687
2674
2587.95
2533.8
2561.8
2568
2543.6
2607
2705
2737.6
2711.5
2674.7
2662.5
2660
2634
2659.1
2692.8
2687.5
2684.8
2635.1
2585
2592.5
2698.85
2753.9
2767
2787.45
2813.4
2799
2777
2720
2639.9
2617.4
2660
2719.9
2721
2728
2680.2
2655
2664
2850
2796
2667.65
2655.7
2696
2741
2672.6
2678
2693.75
2712
2731.1
2735.55
2732
2746.3
2722.1
2731
2742
2756
2815
2727.35
2686.05
2614.15
2572.15
2535
2540
2570
2554.25
2490
2490.5
2524.9
2494
2468.8
2522.1
2635.1
2670.75
2642
2591.2
2570.8
2587
2558.65
2561
2628.5
2636
2623
2576.5
2478.6
2486.55
2606.95
2671.1
2723.35
2740.65
2738.5
2744
2717.3
2616.9
2515
2531.7
2585.1
2648
2658.1
2693
2612.55
2624.55
2618.1
2865.4
2807.8
2686.2
2736.55
2747.15
2792.7
2696.05
2761.85
2703.65
2743.6
2744.95
2749.15
2754.9
2751.85
2727.05
2752.8
2749.5
2811.05
2820.85
2733.6
2697.3
2625.2
2599.85
2547.8
2611.8
2664.75
2560.65
2502.25
2516.45
2556.35
2508.7
2534.85
2597.95
2693.1
2679.25
2653.65
2618.55
2641.05
2595.75
2573.35
2652.55
2646.7
2662.7
2638.7
2590.9
2496.65
2584.65
2691.2
2728.4
2752.95
2779.35
2755.3
2791.5
2727.05
2622.3
2530.95
2583.9
2632
2706.9
2690
2700.2
2622.8
2644.55
2632.55
1066600
1018400
1266000
1106200
1057600
659100
888200
1087600
507400
415300
516300
324500
326600
271700
287100
218400
259300
544800
316300
735100
725600
985900
1271500
979300
1000800
1096300
912900
838000
506900
348900
674400
790300
674500
729000
1220800
438700
791000
679500
874400
704700
636300
655400
414300
577500
627100
775000
551900
448100
697300
371200
404900
628100
429300
494400
622800
882400
830700
808700
535800
717500
649600
461900
287700
431400
7/9/10
8/9/10
9/9/10
13/9/10
14/9/10
15/9/10
16/9/10
17/9/10
20/9/10
21/9/10
22/9/10
23/9/10
24/9/10
27/9/10
28/9/10
29/9/10
2865
2820
2900
2998
3170
3100.1
3070
3105
3115
3111.45
3115
3158.15
3135
3155.5
3165
3195
2865
2910
2999.95
3175
3170
3121.85
3142.5
3127.5
3149.95
3129.05
3158.5
3164.8
3157
3199
3208
3224
2824
2808
2900
2996
3084.5
3044
3060
3081
3075
3085
3100
3126
3126
3148.6
3105.25
3185.6
2835.55
2894.2
2982.5
3147.25
3113.7
3060.65
3100.05
3094
3107.55
3104.25
3147.75
3140.55
3144.3
3179.9
3190.25
3194.25
Date
1/4/10
5/4/10
6/4/10
7/4/10
8/4/10
9/4/10
12/4/10
13/4/10
15/4/10
16/4/10
19/4/10
20/4/10
21/4/10
22/4/10
23/4/10
26/4/10
27/4/10
28/4/10
29/4/10
30/4/10
3/5/10
4/5/10
5/5/10
6/5/10
7/5/10
10/5/10
11/5/10
12/5/10
13/5/10
14/5/10
17/5/10
18/5/10
19/5/10
20/5/10
21/5/10
24/5/10
25/5/10
26/5/10
27/5/10
28/5/10
31/5/10
1/6/10
2/6/10
Open
786.9
814
804.8
794.8
780
800
793.25
794
825.1
820
809.9
822.1
786
788.5
730
783
786
780
774
765
756
762.1
761
764.5
758.9
747
769
757
764.9
766
759.45
741
728
720
715
726.1
710
708
736.9
748
750
742
740
High
810
814
805
801.45
807.8
808.7
799.5
823.5
834.9
828
825
831.95
798.7
793.4
792
790.9
789.9
783.65
774.4
773
771.5
772.9
767.9
770.6
763
773
771.1
767.9
771.5
777
760
742.5
733.5
733
726
729.3
715
741.7
745
751
752
751.6
757.05
Low
784.2
799.35
791.35
780
780
789.25
790.6
789
818
812.25
802
786
781.1
781.25
730
780.5
781.55
768.6
756
763.1
754.1
757
748
760
735.55
746
753.05
752.1
761.15
757
735
727
716
718.05
705
713
692
704.05
725.05
737
736.7
735
735
Close
807.75
802.6
794.75
798.55
798.65
792.55
797.6
819.95
820.65
814.95
811.85
789.6
785.9
785.3
779.8
784.2
786.4
771.2
759.7
766
767
761
765.9
766.75
742.15
769.7
755.2
758.4
765.75
763.75
744.85
737.85
721.15
730.1
719.2
717.9
698.75
736.2
741
749.5
742
738.8
753.95
200700
663800
682600
924900
729100
527000
1011900
302900
328800
300600
618400
378100
384400
340600
330200
348000
10/3/11
11/3/11
14/3/11
15/3/11
16/3/11
17/3/11
18/3/11
21/3/11
22/3/11
23/3/11
24/3/11
25/3/11
28/3/11
29/3/11
30/3/11
31/3/11
2618
2575
2569
2562.35
2576
2629.3
2645
2608.7
2596.7
2615
2650.3
2665.9
2700.15
2737
2776.2
2878.1
2618
2596.9
2605
2585
2654
2668.95
2645
2614
2631.8
2649.5
2666.2
2715.4
2759
2792
2881
2888
2579
2558.1
2567
2523.55
2576
2608.6
2580.35
2570.05
2593.5
2596.5
2633.7
2648.1
2700
2737
2776.2
2755.3
2589.7
2571.55
2600.1
2563.45
2642.85
2618.1
2590.65
2582.7
2620.95
2646.7
2651.7
2709.45
2747.3
2768.65
2859.25
2767.9
409700
464700
294200
430300
387400
531900
378600
287100
329600
351500
193900
333300
419600
333400
541900
510200
High
928.1
965
974
965
967
965.75
955
955.7
956
996.6
1004.3
1010
982
987
979.8
991.95
1049.9
1069.6
1068
1066
1065.5
1059.7
1064
1059.25
1077.85
1078.45
1085
1080
1099
1107
1092
1070
1079.8
1070
1069
1049.85
1045
1045
1034.1
1040
1050
1075
1086
Low
915.55
922.55
955.15
933.35
950.65
939.1
930.6
925.05
940
950.2
984
945
931
965
956.5
971
1022
1037
1041.35
1045.45
1044.6
1031.15
1045
1042.15
1048.2
1058
1075.35
1062
1068
1087
1059.45
1049
1055
1040.1
1040
1008
1012.5
1015
1002
1007.5
1029.3
1054
1054
Close
922.55
960.2
957.85
951.7
959.45
949.15
941.55
940.75
949.15
992.4
985.7
951
979.35
967.2
964.3
983.85
1040.1
1063.65
1060.25
1050.1
1052.6
1051.8
1054.05
1049
1052.95
1069.5
1077.5
1068.35
1092.4
1092.2
1064.95
1057.35
1063.5
1049.55
1042.35
1018.15
1041
1032.2
1010.3
1023.6
1045.5
1067.15
1076.7
Volume
559900
273000
163900
513300
95800
208200
156000
248100
206800
412900
592000
524100
300500
214300
105100
254700
1024300
299700
194000
101000
127000
148300
30200
107600
136200
122400
42400
58300
157600
149900
135900
82800
76000
128000
143700
129700
141900
151900
118200
184400
277900
176000
124700
Date
30/9/10
1/10/10
4/10/10
5/10/10
6/10/10
7/10/10
8/10/10
11/10/10
12/10/10
13/10/10
14/10/10
15/10/10
18/10/10
19/10/10
20/10/10
21/10/10
22/10/10
25/10/10
26/10/10
27/10/10
28/10/10
29/10/10
1/11/10
2/11/10
3/11/10
4/11/10
5/11/10
8/11/10
9/11/10
10/11/10
11/11/10
12/11/10
15/11/10
16/11/10
18/11/10
19/11/10
22/11/10
23/11/10
24/11/10
25/11/10
26/11/10
29/11/10
30/11/10
136
Open
923.2
928.8
965.2
933.35
960
960
941
943
941
960
995
996
951
986.95
966
975
1022.05
1041
1068
1064
1045.5
1052.6
1053
1058.95
1052
1058
1082
1078
1068
1092.5
1092
1069
1056
1069
1052.55
1049.85
1018.15
1033
1034.1
1013.85
1031
1060
1060
3/6/10
4/6/10
7/6/10
8/6/10
9/6/10
10/6/10
11/6/10
14/6/10
15/6/10
16/6/10
17/6/10
18/6/10
21/6/10
22/6/10
23/6/10
24/6/10
25/6/10
28/6/10
29/6/10
30/6/10
1/7/10
2/7/10
5/7/10
6/7/10
7/7/10
8/7/10
9/7/10
12/7/10
13/7/10
14/7/10
15/7/10
16/7/10
19/7/10
20/7/10
21/7/10
22/7/10
23/7/10
26/7/10
27/7/10
28/7/10
29/7/10
30/7/10
2/8/10
3/8/10
4/8/10
5/8/10
6/8/10
9/8/10
10/8/10
11/8/10
12/8/10
13/8/10
16/8/10
17/8/10
18/8/10
19/8/10
20/8/10
23/8/10
24/8/10
25/8/10
26/8/10
27/8/10
30/8/10
31/8/10
760
766
745
752.95
752.5
735
760.5
762
777.7
772
771.9
771
785
788
770
788
775
760
761
750
748
730.1
749.25
740.1
758.5
770
778.1
779.8
793.4
785
770
792
830.7
830
829.8
840
848
844.9
848.5
848.7
851.4
847
846
838.55
865
873
878
847
878
860
850.5
856
858
880
852.25
874.05
868
862
870
870
872
873.35
860.55
845
767.95
769.3
757.15
761.4
757
752.9
763.3
787
777.7
778.9
778
789
797.45
788
790
788
775
766.3
762.5
754.3
748
745.65
749.9
760
766.45
778.55
781.9
793.8
795
785
786.8
838.3
833.8
834.5
842
844.5
850
848.95
858.9
856.9
856
849.9
848.8
843.4
871
882
883.4
883.4
878.05
873
857.7
863.4
863
880
873.65
880
879.8
875.45
880.5
879.9
876.35
873.8
863.05
846.7
758.2
755
735.35
746.6
732.9
733
751.3
758
761.35
767.25
764.5
771
784.9
774.35
770
770
760
754
749
742
725.5
730.1
738
737.9
749.75
769
772.05
774.5
770.25
770.7
763
792
822.3
825.15
829
832.5
835.1
840.2
846.1
847
847.25
838.5
837.15
829.7
834.5
870.5
862.5
847
862
856
846.05
851.15
847.05
845.25
850.25
867.15
862.6
862
865.15
867.3
861.25
851.15
840.05
831.5
762.7
765.25
752.95
749.85
735.15
750.5
758.9
780.5
765.5
771.9
774.75
781.65
787.35
779.8
786.75
775
761.55
763.65
754.25
751.15
731.35
743.5
739.6
757.75
763.6
776.6
774.5
791.45
774.9
774.65
784.1
832.4
824.2
827.4
840.1
842.55
838.5
846.55
848.7
854.05
849.9
841.1
838.55
833.1
870
877.05
865.75
878.25
864.55
858.85
855.1
857
854.35
850.7
868.8
872
867.1
867.3
868.9
870.95
874.1
855.75
846.65
843.85
102200
108500
103000
124300
363700
105300
94000
248100
187400
117000
112000
97500
251300
85700
283700
198200
125400
65500
133700
134500
321200
203500
191200
165500
173200
146400
121100
188400
398700
224400
334800
1564100
241000
159200
203000
111800
130000
1350900
209100
1357100
99400
62800
551100
88200
479100
239500
226000
640700
102800
536400
85000
136900
87000
95000
145300
116400
145200
101300
131400
199000
186400
86200
160300
116100
1/12/10
2/12/10
3/12/10
6/12/10
7/12/10
8/12/10
9/12/10
10/12/10
13/12/10
14/12/10
15/12/10
16/12/10
20/12/10
21/12/10
22/12/10
23/12/10
24/12/10
27/12/10
28/12/10
29/12/10
30/12/10
31/12/10
3/1/11
4/1/11
5/1/11
6/1/11
7/1/11
10/1/11
11/1/11
12/1/11
13/1/11
14/1/11
17/1/11
18/1/11
19/1/11
20/1/11
21/1/11
24/1/11
25/1/11
27/1/11
28/1/11
31/1/11
1/2/11
2/2/11
3/2/11
4/2/11
7/2/11
8/2/11
9/2/11
10/2/11
11/2/11
14/2/11
15/2/11
16/2/11
17/2/11
18/2/11
21/2/11
22/2/11
23/2/11
24/2/11
25/2/11
28/2/11
1/3/11
3/3/11
137
1067.55
1084.95
1096
1092
1101
1090
1081
1071
1075
1074
1084.95
1104.45
1141
1165.9
1162.45
1150
1136.1
1142
1143
1149.3
1155
1171.45
1165
1160
1154
1170.45
1177.95
1141.7
1124.95
1113
1129.8
1130
1139
1171.1
1206
1185
1201
1212.45
1206.75
1190
1195
1173
1157.2
1159
1179
1183
1166
1136
1119.5
1107.7
1091
1101
1115.95
1104.75
1098.2
1108.75
1090
1124
1124.1
1115.3
1102.3
1108
1119
1119
1091.9
1096
1112
1109
1101
1093.55
1096.9
1083.85
1078
1090
1105
1143.4
1174.5
1171.85
1169
1160
1148
1159
1151.25
1160.9
1171.9
1179
1176.7
1165.25
1165.7
1182
1186.8
1149.5
1135
1151.7
1155.65
1150
1145.45
1207
1208.65
1219.5
1219
1221
1219
1206.7
1203
1173
1166.1
1195.95
1194.5
1183
1172
1148.2
1129.7
1115.1
1102.8
1119.55
1116
1110
1115
1131.9
1144.95
1146.95
1144.95
1137
1116.9
1148.75
1132.45
1154.55
1050
1075.5
1091.75
1092
1083.05
1072.25
1066.1
1056.1
1050
1064
1082
1104.45
1115.1
1154
1137.5
1132.2
1127
1138
1141
1147.5
1150.45
1160
1156.1
1138.05
1140
1153.05
1138
1121.9
1087.3
1110
1118.4
1117
1119
1164.85
1185
1180
1201
1197
1182.2
1185
1165
1129
1134.3
1159
1170.75
1141
1128
1120
1083
1072.8
1056.1
1087.3
1077.35
1081.15
1093.1
1084
1060.45
1120.1
1124.1
1102
1089.2
1101.75
1098.4
1108
1075.95
1091.9
1095.45
1101.35
1088.3
1079.2
1072.6
1075.35
1074.9
1080.45
1101.25
1140.4
1166.25
1159.4
1149.85
1139.85
1140.7
1140.1
1144.8
1154.65
1167.85
1165.05
1159.55
1143.75
1158.05
1174.2
1141.6
1128.5
1099.4
1135.5
1124.2
1118.7
1138.15
1200.55
1193.55
1211.85
1212.6
1205.8
1191.75
1199.15
1182.55
1157.15
1150.35
1178.9
1184.8
1148.1
1132.05
1128.45
1098
1090.65
1089.4
1113.55
1096.8
1098.3
1109.2
1090.4
1136.65
1137.15
1127.55
1115.1
1111.2
1112.95
1124.7
1150.3
105500
394200
119500
73600
99400
101500
126500
122000
135200
140000
146900
302400
284900
152700
189800
140000
126800
102600
56600
129300
128000
94200
75400
195400
149100
125400
166500
194100
192500
149500
236000
118100
180400
675400
190100
354400
165400
99400
101800
151600
140900
325400
245200
211400
131300
180200
123000
260200
346400
170100
146300
111000
232600
133900
130000
202500
289500
175500
115600
255600
155600
300000
281100
206500
1/9/10
2/9/10
3/9/10
6/9/10
7/9/10
8/9/10
9/9/10
13/9/10
14/9/10
15/9/10
16/9/10
17/9/10
20/9/10
21/9/10
22/9/10
23/9/10
24/9/10
27/9/10
28/9/10
29/9/10
844
864
845.9
838
856
860
880
879
880
896
911
895.1
913
914.95
956.8
934.9
933
1006
925
924.8
859.85
865
851.7
857.25
874.25
882.5
883
887.9
898.4
917
912.5
915.95
921.5
957
959
946
938.4
1006
929.95
938.2
844
841.45
835
838
855.45
841.35
870.05
875
876.25
896
893.2
895.1
907.05
912.15
931
928
925
921.5
915.3
916.05
857.2
843.55
837.3
853.1
869.25
876.8
871.85
879.65
894.15
913.6
895.3
912.45
910.55
952.75
934.55
932.5
931.45
927.3
920.4
921.1
300600
616000
315300
331500
223500
232600
190900
224100
292600
298500
195200
115200
129700
499700
315400
160900
113100
564800
198600
161100
4/3/11
7/3/11
8/3/11
9/3/11
10/3/11
11/3/11
14/3/11
15/3/11
16/3/11
17/3/11
18/3/11
21/3/11
22/3/11
23/3/11
24/3/11
25/3/11
28/3/11
29/3/11
30/3/11
31/3/11
138
1155
1126.8
1108
1123
1123
1100
1070
1080
1090
1110
1094.6
1086.1
1072.5
1069
1071
1109
1120
1120
1147
1155
1164
1126.8
1128
1136.45
1123
1103.6
1100
1095
1122.75
1117.95
1108
1092.75
1080.6
1071
1095
1126.5
1126.95
1150
1163
1196.5
1125.15
1095.1
1106
1118.6
1101.9
1065.1
1059
1067.25
1090
1093
1077.1
1068.5
1064.1
1058.25
1069.4
1102.75
1108.05
1120
1145
1153
1134.5
1108.75
1118.85
1125.35
1108.3
1076.25
1096.65
1089.8
1115.5
1099.55
1082.4
1071.95
1068.95
1064.1
1093.45
1118.2
1121.2
1139.25
1151.35
1182.5
145300
166100
118000
137300
111600
484800
205900
261600
147700
247200
127600
114300
186500
205700
227300
181400
123700
171200
194700
279000