July 22, 2010

  • Dow Jones futures 4 hour chart with support and resistance line.
  • The index has given a break out. Now the closing should be near the high point of the day for this bullishness to sustain. 
  • The hour chart of gold suggest that the commodity is in a down trend.
  • It is holding on to an important trend line break of which will lead to more fall in gold prices.
  • Also see how the geometrical patterns show up in a stocks chart time and again.
NIFTY WEEKLY CHART
  • Nifty weekly chart with stochastic indicator.
  • The indicator is in overbought zone and is yet to show any weakness.
  • Index is also respecting the weekly trend line.
  • A Break of the trend line coupled with a sell signal in stochastic should be a good place to go short.

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