June 28, 2010

UPDATED CHARTS OF THE BELOW POST
DOW JONES TRIANGLE

EUR/USD CHANNEL 
  • The triangle gives a false break out.
  • The eur/usd channel has broken. An hourly close below the channel will confirm the breakdown

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DOW JONES TRIANGLE
EUR/USD CHANNEL


  • The fate of the Triangle will be decided by the channel.
  • If the channel gets support and followed by an up move the triangle will get an upside breakout.
  • If the channel Breaks its support line and closes below it,  the triangle will dow the same.
  • It seems Dow Jones has taken support at 10100 area and now the hour chart looks positive.
  • But has resistance points on its way.
  • First is 10200 if a successful close above that is made then comes the resistance band of 10260 to 10320 closing above this will be crucial for bulls.
HOURLY CHART

  • I have shown the Nasdaq composite indexes hourly chart above.
  • See how it trades in channels and now it is trading near the bottom of the main channel.
  • A Bounce from a range of  2185-2215 can be expected.
  • One should keep 2185 as stop loss because a close below 2185 means a large correction will follow.
  • But for now one should try to take a low risk high reward trade here with 2185 as stop loss on closing basis.
EUR/USD WITH 50 DMA
EUR USD WITH ICHIMOKU CLOUD

  • The first chart shows Eur/Usd reversal attempts combining with 50 DMA. 
  • White arrows show how the pair got sold off from the 50 DMA. The pair is doing a similar set up now.
  • The second chart shows the resistance of the Ichimoku cloud. Even if the 50 DMA is taken out the cloud is looming large. Only a beak out and close above the cloud can be called as a valid reversal till then the pair will get sold off at every bounce.
UPDATED CHART
CLICK THE CHART TO ENLARGE

  • Nifty Futures hourly channel is shown above.
  • The channel has given support twice. and the top line of the channel has acted as resistance as well.
  • And on friday it has taken support at the bottom line of the channel take a look at the long shadow of the last hour candle.
  • Let's see if the support is able to give a gap up for nifty
  • I posted a 5 minutes chart few days ago with support and resistance lines
  • I believe those supports and resistance might help the traders again 
  • This is nifty futures chart not spot.
HINDUSTAN PETROLEUM MONTH CHART
BHARAT PETROLEUM MONTH CHART

  • The charts shown here are monthly chart of bharat petroleum and hindustan petroleum.
  • See how the dragon fly doji appears in the monthly chart in april itself.
  • Smart money has entered these stocks months ago while the news broke out last week.
  • So some profit booking may take place in these stocks before they take off again.
DAILY CHARTS OF EUR/USD PAIR

  • EUR/USD is trading close to its 50 day moving average.
  • It coincides with a resisting trend line too so good place to short here.
  • Even if it break above, The the daily ichimoku cloud which has been holding euro below it since it broke down below 1.47 is a resistance too large to break.
  • So if the pair has to reverse all the three above resistance has to be broken.

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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"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