October 16, 2010

WEEKLY CHART - A BULLISH VIEW
DAILY CHART
  • Google weekly chart looks positive followed by the triangle breakout on Friday.
  • Daily chart on friday gave a gap up and gave a Hanging man candlestick. Although the success rate of hanging man is good we have to see if the following day's closes below the hanging man, Then may be this gap will be tested.
  • If the Triangle breakout in weekly chart is to going to play out then the hanging man will have to fail.
  • Targets for this breakouts are huge because of the size of the pattern. But for now one can play for the next resistance levels which is at 624 also make sure that the price trades above the Hanging man and the gap.
  • DOW JONES ANALYSIS AFTER CLOSING BELL
DAILY CHART
 WEEKLY CHART
  • Daily chart with 10 DMA shows how the moving average is acting like a trend line. Now weakness can be seen only if the price closes below this moving average.
  • Weekly chart is shown with stochastic and RSI. Both these indicators have reached the same levels when it reached 11200 last time. That does not mean price is going to behave similarly as it did last time from 11200. But this will help one to get the direction right.
  • S&P 500 SUPPORT AND RESISTANCE LEVELS

  • S&P 500 with a triangle in hour chart.
  • Breakout should take out 1182 for more high's to come.
  • Breakdown should take out 1167 area.
  • S&P 500 4 HOUR CHART IN A CHANNEL
4 HOUR CHART
  • BAIDU four hour chart in a triangle formation.
  • Breakout should trade above 102.14 which will favour bulls.
  • Breakdown should trade below 97.07 which will favour bears.
  • S&P 500 4 HOUR CHART IN A CHANNEL
CLICK THE CHARTS TO ENLARGE
S&P 500 - 4 HOUR CHART
  • S&P 500 Futures four hour chart showing a channel formation with price taking support at the bottom of the channel.
  • The support line of the channel was tested today when price touched 1162. Bears would love to see 1162 broken, as that will break this channel which will be followed by good correction.

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