October 12, 2010

  • The ascending triangle mentioned below has given a breakout. An hour closing above 1170 and trading above this level will give 1180(futures) as first target.
CHART-I
  • S&P 500 Futures hour chart is showing an ascending triangle in its hour chart.
  • Breakout level is around 1164.
  • A nice breakout above 1164 with good volumes will favour the bulls.
  • Trading below 1155 will be negative and will favour the bears.
CLICK THE CHARTS TO ENLARGE
CHART-II
  • 1160 levels is acting as resistance as discussed below. 1151 is acting as support. So this range should break for the next move to happen.
CHART-I
  • S&P 500 Futures has taken support at 1151 levels today. Further breakdown is possible if price violates 1151 levels.
  • Price was trading at a range of 1160 - 1164 levels. Breakdown below 1160 has given 1151.
  • Now 1160 may act as resistance.
  • EURUSD BREAKS THE CHANNEL
  • GOLD HOUR IN A RANGE
CHART-III
  • GOLD Breaks out of the range and exceeds the target.
CHART-II
  • Gold has taken support at the levels mentioned below. It is rallying to the top of the range at 1355. Breakout above 1355 will target 1364 levels.
CHART-I
  • Gold Hour chart is in a range of 1339 - 1355.
  • An hour closing outside this range will give a clue to which side gold is going to move.
  • EURUSD Channel breakdown
CHART - III
  • An hour is yet to close below 6090.
  • But the fact that 6090 is violated should make the bulls worried.
CHART - II
CHART - I
  • Nifty Futures has violated the trend line in hour chart as shown in the first chart.
  • Next chart shows important level at 6091.
  • If 6091 breaks we will move to the lower end of this trading band
  • Nifty spot for  a brief period was above the 5 day EMA. But was not able to sustain above 5 day ema and got sold off. In the process it has given a candlestick with a long tail. This one looks looks like an inverted hammer.
  • I have drawn support and resistance lines in the daily. The current correction may end near the support line making this a triangle. Breaking above the line can give new high's for nifty.

  • S&P 500 daily chart has given another Doji candle. We had one candle last week. Doji indicates indecision. 
  • Price is trading well above 10 DMA. First signs of weakness will be visible only if price makes a close below 10 DMA.
  • Daily chart is also showing an interesting pattern. Price is converging between the resistance and support line which should be resolved soon.
  • S&P 500 INTRADAY CHART WITH EMA

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