December 31, 2010

  • Apple rising wedge breakdown in hour chart.
  • Supports are at 321.65 and 319.
  • At present stock is pausing near 321.65 break of this level can give 319.
  • EURUSD AND US DOLLAR CHART ANALYSIS
  • Bidu is moving away from its 50 hour moving average.
  • Stock has also fallen below its support level of 97.95 in hour chart.
  • Next support for Hour time frame is at 95.75.
  • EURUSD AND US DOLLAR CHART ANALYSIS

CHART-II
  • We had a breakdown from H&S pattern. But bears are not able to gain momentum.
  • If price does not trade below 1248 This will end up as another H&S pattern that's failed.
CHART-I
  • ES Hour chart with head and shoulders pattern.
  • Since the failure rate of this pattern is high these days Neck line can be used as a support line too.
  • Price may go down only if it sustains below 1251.50 for some time.
  • Main support below 1251.50 is at 1245.50
  • S&P 500 ANALYSIS AFTER CLOSING BELL.

  • Nifty has closed above the golden ratio 61.8%. Sustaining above this level can take it to 78.6% Fib level.
  • Nifty continues to close above 5 day high Ema Showing Bull strength. 
  • Bigger up move can happen once the 20 DMA does a bullish cross above 50 DMA.
  • SILVER RESISTANCE LEVEL

  • S&P 500 gave a negative day followed by the shooting star of yesterday.
  • Break of 1255 area may give good gains to bears.
  • But the hour is trending up above the cloud and the trend looks strong. Bulls may become weak only if price trades below the cloud.
  • 30 Minutes chart shows the possible trend line support in case of a correction.
  • SILVER RESISTANCE LEVEL
  • ES SUPPORT LEVEL IN HOUR CHART

December 30, 2010

  • ES Hour chart with support at 1251.50
  • This level has to break convincingly for bears to extend gains.
  • This level was broken once which gave 1245.50 levels.
  • If price takes support here we may see 1255 again.
  • SILVER RESISTANCE LEVEL

CHART-II
  • Silver triangle breakout has given a good long trade. Price failed to sustain above 30.750 level which was discussed in the below chart.
  • Price may do a retrace of the breakout before going up again.
CHART-I
  • Silver four hour chart shows a triangle pattern breakout.
  • Price may find resistance near 30.750 area.
US DOLLAR DAILY CHART
 EURUSD DAILY CHART
  • US Dollar looks weak following a triangle pattern breakdown in daily chart.
  • US Dollar has closed below its 50 day moving average closing below the support line of the triangle will make it weaker.
  • EURUSD looks strong. Breaking above its 50 day moving average will make it stronger. Resistance level is at 1.3496.
  • 50 day Moving average can also act as resistance for EURUSD.
  • DOW JONES FUTURES CHANNEL FORMATION

  • Dow Jones Futures one hour chart with the ascending channel formation.
  • Price is trading near the support line of the channel.
  • It seems this dip will also be bought, Break above the dotted black line may give a good long trade.
  • Nifty has finally managed to close above its 50 DMA.
  • But the volume trend has not changed yet low volumes continue even on a breakout day.
  • Nifty should stay above 6070 for continuing this up move.

December 29, 2010

  • Dow Jones monthly chart with previous resistance levels at 11670 and 11750.
  • Dow may find resistance between this level.
  • But Fibonacci levels are showing a clear breakout above 61.8%. 
  • If month closes above 61.8% and 11750 the positional bull will become stronger. Then the next target is 78.6% Fib level which is above 12000.
  • ES Hour chart is on the verge of yet another breakout.
  • Since the trend is up an upside breakout may give a good long trade.
  • Downside break may not give much gain for bears because of 50 hour moving average and the cloud.
  • Nifty may soon give direction from the Ichimoku cloud.
  • Breaking and staying below the cloud will favor bears. Above the cloud bulls will gain strength.
  • First chart also shows possible levels for bulls and bears to conquer for gaining momentum.
  • SUZLON ENERGEY NEAR 50 DMA

  • Suzlon Energy has been showing rising support levels in daily chart for sometime now.
  • But Stock has many resistance levels to cross before it can turn bullish.
  • 50 DMA is the first and the most important resistance above this MA there is a resisting trend line and the 200 DMA.
  • For now the stock is expected to give a short trade from its 50 DMA.
  • SPX 15 minutes chart with resistance line.
  • Upward momentum can only continue if price closes the day above the resistance line.
  • sustaining below the resistance line will favor bears and a correction may follow.

December 28, 2010

  • Silver four hour chart shows a triangle pattern breakout.
  • Price may find resistance near 30.750 area.
  • SPY hour chart with a consolidation pattern.
  • Breakout above the resistance line of the pattern will favor bulls to continue the up trend.
  • Problem for bears is that the price action is happening well above 50 hour moving average. So any correction will get support from 50 hour moving average.
  • 125.10 and 124.30 are important support levels.
  • S&P 500 Chart with rising wedge pattern in its daily time frame.
  • Rising wedge is a bearish pattern.
  • For this week if price breakout above the resistance line and if it trades above 1265 the pattern will be invalid. SPX will gain good upward momentum if price sustains above 1265 this week.
  • If price stays below the resistance line and 1260 we may see correction happening.
  • TRIANGLE PATTERN OF US DOLLAR

  • Above chart doesn't need much explanation. 50% Fib level refusing nifty futures to move away from it.
  • Last chart shows resistance at 50% Fibonacci levels.
  • Next one shows 50 DMA resistance. Price not closed above it yet.
  • First chart shows a classic example of previous support turning into resistance.
  • So a close outside the range of 5975 - 6020 may give a clue to which side this is going to go.
  • Daily chart of US Dollar shows price consolidation in a triangle pattern.
  • Price has been moving between 79 and 80 for sometime now. 
  • The 50 DMA looks flat it shows no trend at the moment.
  • So USD may move sideways till this triangle is resolved.
  • For now it may move towards the lower 80 levels near 50 DMA.

December 27, 2010

  • SPY 30 minutes chart with support areas.
  • 125.10 and 124.80 levels will act as support areas.
  • Trend line in this time frame may support if a correction happens.
  • Things will look bad for bulls only if price sustains below the trend line.
  • EURUSD Four hour chart is looking good for a long trade.
  • If the pair trades above 1.3202 it can move up till the black trend line and hits resistance there.
  • Bigger up move may happen only if the resisting trend line gets broken.
  • Four hour chart also forming a triangle like pattern.
  • S&P 500 Futures Hour chart is taking support at 1245.44 level.
  • Price is not able to close and trade above its 50 hour moving average convincingly.
  • Resistance in hour time frame is at 1250.75.
  • Violation of this range can give large movement for ES.
  • BIDU TREND LINE SUPPORT
  • APPLE WEEKEND UPDATE
  • BULLISH HAMMER OF NFLX

  • Line chart shows nifty hitting the resistance zone at around 6010 levels.
  • Nifty should make a close above this zone for favoring bulls. 
  • 50 DAM is around 6018 levels price should close above this level too for a sustained up ward move to happen.
  • Bears would hope that price hits resistance here again. For bears good gains can come only if the 20 DMA gets broken.
  • BANK NIFTY TECHNICAL ANALYSIS
  • MCLEOD RUSSEL INDIA LTD CHART ANALYSIS
  • RELIANCE COMMUNICATION PRICE AND VOLUME ANALYSIS

  • Bank nifty is approaching its 20 day moving average. 
  • Twice in the recent past we had good reaction from 20 day moving average. Since price is trading close to support and resistance lines as shown in the first chart we may see good reaction soon.
  • 11660 is the important resistance level. 20 DMA is situated there. Above 20 DMA there is a resistance line which is shown in first chart that may act as resistance.
  • MCLEOD RUSSEL INDIA LTD CHART ANALYSIS.
  • RELIANCE COMMUNICATION PRICE AND VOLUME ANALYSIS

December 26, 2010

WEEKLY CHART
DAILY CHART
  • BIDU has taken support at the weekly trend line.
  • Daily chart too is showing support at lower levels.
  • If price sustains above 101.93 levels we can see good up move happening. 
  • NFLX - BULLISH HAMMER PATTERN IN DAILY CHART
  • Reliance communication has shown good price and volume change.
  • Stock has got resistance at 142.50 levels and at 147.
  • If this stock manages to close above 142 and 147 then we may see it move towards 155 level where the 50 DMA is at the moment.
  • MCLEOD RUSSEL INDIA LTD CHART ANALYSIS
  • NFLX Has given a hammer pattern in daily chart. It has come near the support and resistance line.
  • Hammer is a bullish reversal pattern. Like all candlestick pattern this one too need confirmation. Break of the resistance line will be the confirmation to go long. Bulls may gain momentum once they cross 189.76.
  • Break of the support line will be negative. Bears will be stronger if price falls below 175.56.
  • APPLE WEEKEND UPDATE

  • First chart shows a triangle shaped price consolidation in apples daily chart. What ever it is if price does not break above that resistance line apple will start to correct. Initially price may come down to the support line of that pattern.
  • Breaking above the resistance line will solve the problem for the bulls.
  • Correction may take apple to 318 - 320 levels  initially. Price is trading well above its 20 and 50 DMA. So weakness in price will be visible only if it starts trading below 20 DMA.

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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