June 30, 2010

  • 15 minutes SPX is showing an inverse h/s possibility.
  • With neck line around 1048.
  • Break out can give 1055 and more.
UPDATED CHART
  • S&P 500 is forming a consolidation pattern in 15 minutes chart.
  • break out on the upside can give target of 1050.
  • The formation is a triangle so beware of false break outs.
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  • Positive divergence in moving average oscillator is clearly visible here.
  • A pull back towards 1050 - 1055 levels cannot be ruled out.
  • Break of 1045 could lead to 1050 and 1055 levels.
EUR/USD HOUR CHART

  • EUR/USD is making a reversal attempt in hour chart.
  • The pair has to close above the cloud for confirming the bullishness
  • If it succeeds in its attempt of  a short term reversal it will be good for equity markets.
  • Close above the trend line would be very positive for nifty.
UPDATED CHART
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  • Triangle formation in nifty futures hourly chart.
  • I feel if the positional bull in nifty is to survive this pattern breakout should be a failed one.
  • As long as the price does not close above the bottom line of the triangle the bears will stay alive for the next down move.
  • when the entire world is in pain it is odd for the nifty to be resilient like this.
  • I think this is a bull trap.
NIFTY FUTURES HALF HOUR CHART
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  • The chart is marked with support and resistance lines in 30 minutes chart.
  • It also shows a possible break out point.
  • Today will be a gap down because of the global market situation.
  • I am expecting this down move to be stopped at the bottom support line

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