September 29, 2010

  • S&P 500 Futures 4 hour chart is showing a triangle pattern with price trading near the resistance line of the pattern.
  • From yesterday the index is not able to sustain above 1143 levels. although the bulls tried to close above 1143 it was met with stiff resistance at this level.
  • Only a high volume breakout above 1143 level can take it to 1150 where it will meet the next resistance. 
  • NF daily candle is showing a bearish engulfing.
  • If price opens and starts to trade below this candle it can give good correction.
  • NF also closed below 6000.
  • Nifty futures hour chart with fibonacci levels.
  • The zone between 50% and 61.8% level should give support for Nifty Futures.
  • Failing to take support at 61.8% level should bring NF down to 5970 - 5980 levels at least
  • INTRADAY LIVE CHART FOR NIFTY
  • Nifty Futures is showing a range of 5942 - 6091 With 6001 as the main support level within this range.
  • A Bullish zig zag is possible Provided 6001 the higher low is protected.
  • Reliance industries has good support at 993 level. 
  • 50 DMA of the stock is also situated around the same  level.
  • So we can expect some action from here. If 50 DMA gives support we will see 1007 and 1030.
  • If 50 DMA breaks we will see 960 levels in RIL.
  • INTRADAY LIVE CHART FOR RELIANCE INDUSTRIES WITH EMA
  • If the bulls have to avoid a big correction they should push the price above the shooting star pattern created day before yesterday.
  • Yesterday Nifty gave some correction followed by the inverted hammer but the bulls managed to make a good comeback.
  • So Real weakness is not yet visible. Price is yet to hit the 5 day low ema after the breakout. Weakness only when nifty closes below 5 day low ema.
  • NIFTY CHART - BEAUTY OF FIBONACCI  LEVELS
HOUR CHART
WEEKLY CHART
  • Hour chart is showing an ascending triangle formation with upside breakout possibilities.
  • If the ascending triangle breaks out on the upside it can break the strong resistance shown in weekly chart. 1150 is the level in weekly chart that looks very strong.
  • S&P 500 Futures 15 minutes chart with resistance area.
  • 1142 is the level to cross for the index to make the next up move.
  • Till then 1142 will act as resistance as it has done recently.
  • Apple today violated its 50 hour moving average after a long time.
  • But an hour candle is yet to close below its 50 hour moving average.
  • Current fall is followed by a rising wedge pattern formed in hour chart.

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