June 1, 2010


  • Usually the diamonds break on the down side(not a thumb rule). It is know for its bearishness. they call  it the diamond top.
  • this one in hourly chart has given a break out towards the upside.
  • will it sustain already it's looking doubtful.
thank you

  • EUR VS USD is forming a descending triangle.
  • The pattern gave a false break out on the down side.
  • Price has come back in to the channel.
  • The lines of triangle is converging so this one will be resolved soon.
Thank you

  • Russell 2000 index is forming a bullish flag.
  • On break out it can give around 40 points on the break out.
  • The pattern is valid only if it breaks the above sloping line.
  • caution: have stop loss just beneath the break out point as chances of false break outs are there too.
thank you

  • SP 500 WILL BE STUCK IN THIS SMALL CHANNEL FOR SOME TIME BEFORE GIVING DIRECTION. 
  • ONE CAN TAKE A TRADE IN THE DIRECTION OF THE BREAK OUT.
  • CAUTION: A FEW POINTS BELOW THE BREAKOUT POINT SHOULD BE KEPT AS A STOP LOSS
THANK YOU
  • Dow is stuck in between a trend line inside a channel and the channels top line. 
  • So the index has to decide which way it want's to go.
  • Take a trade based on which way it is going to break out.
Thank you

  • The stock has closed above its resistance line.
  • This is accompanied by good volume increase as you can see above.
  • MACD has given a buy signal.
  • CAUTION: HAVE STOP LOSS AT 2.8
Thank you

  • USDOLLAR VS CANADIAN DOLLAR INDEX HAS GIVEN A BEAK OUT FROM THE FALLING WEDGE.
  • IF THIS IS NOT A FALSE ONE WE CAN EXPECT THE INDEX TO MOVE HIGHER IN THE COMING DAYS.
  • I POSTED THE FALLING WEDGE IN MY EARLIER POST CLICK HERE TO SEE IT

  • Nifty 's second attempt at reversal in the daily chart seems to be failing 
  • channel line is very important that might give support for the time being.
  • euro is falling again. us market may go down tonight if it continues. 
thank you
TRIANGLE BROKEN ON THE DOWN SIDE

  • WE MIGHT GET A BOUNCE FROM THE BOTTOM OF THIS TRIANGLE
THANK YOU
  • Yesterday nifty formed a diamond pattern in 5 minutes. The pattern was not perfect but was very effective.
Thank you

  • IF NIFTY CLOSES BELOW THE 20 HOUR SMA THAT'S RISKY FOR THE BULLS IN THE SHORT TERM.
THANK YOU

NIFTY HOUR FIBO LOVELS
  • NIFTY DAILY CHART CHANNEL IS LIKELY TO BE VIOLATED. 
  • BUT REMEMBER IT TOOK 2 ATTEMPTS IN THE HOURLY CHART FOR NIFTY TO GET OUT OF THE DOWN TRENDING CHANNEL.
  • NIFTY HOUR CHART SUGGESTS A TARGET OF 5120 AS THE NEXT FIBO LEVEL SO THAT WILL BE THE FIRST TARGET FOR TODAY. IF IT SUSTAINS ABOVE 5080.
THANK YOU

  • IF THE EURO ZONE PROBLEMS DOES NOT HAUNT THE MARKETS AGAIN. NASDAQ COMPOSITE INDEX MAY TRY ONE MORE TIME TO BREAK OUT ON THE UPSIDE.
  • THE SECOND ATTEMPT MAY BE SUCCESSFUL.
THANK YOU

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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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore