July 10, 2010

DAILY CHART
DAILY CHART WITH FIBONACCI VALUES
  • BP PLC is trading above its 20 day moving average.
  • It may rally till its 50 day moving average before finding resistance.
  • Immediate fibonacci resistances at 34.84 and 39.83
DAILY CHART
WEEKLY CHART
  • The daily chart closed above 20 DMA which is very positive. Now if it trades above 10210 with good volume it looks certain to reach the 50 DMA.
  • This rally is taking lesser time to go up making it a candidate for reversal.
  • But let's see how it reacts when it meets the 50 DMA.
  • The week chart has also ended on a positive note.
  • It closed around the 50 week moving average. And has some more distance to go before it meets the resisting trend line.
  • Coca Cola daily chart has been trading in a range from november 2009.
  • Right now it is trading at the top of the range.
  • Those who trade the range can use this opportunity to go short with a stop loss of 53.
  • DOW FUTURES NEGATIVE DIVERGENCE
DAILY CHART
WEEKLY CHART
  • Suzlon energy ltd is trading in a triangle.
  • Both daily and weekly chart is on the verge of a break out. The stock is trading with light volumes.
  • Look for an increase in volume and if it is buy volume the stock should close towards the high of the day for buying. and vice versa for selling.
WEEKLY CHANNEL

  • The diamond formation in unitech weekly chart
  • Diamonds are usually considered as bearish patterns. But for me the break out depends up on how the price enters the diamond formation.
  • There is a weekly channel formation and the price is trading on a trend line within the channel. so this seems to suggest the current up move to continue till the trend line holds.
  • The volumes are also getting lower and increased volume during break out may help in finding the future direction.
  • Dow jones enters the resistance zone of 10200 to 10350
  • This is a price pivot zone so we should see a fight between bulls and bears resulting in a consolidation before break out or break down.

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