October 18, 2010

CHART-II
CHART-I
  • Baidu has broken out of the triangle and has broken above the resistance level of 102.
  • The next resistances are 104 and 106.
  • GOOGLE TRIANGLE BREAKOUT
  • S&P 500 Hour chart shown with a range of 1162 - 1180
  • Price is approaching the top of the range. 1180 is a good resistance level.
  • More upsides are possible only if 1180 level. If price manages to breakout next resistance level is at 1190 area.
  • DOW JONES WEEKEND ANALYSIS

ONE HOUR CHART
 FOUR HOUR CHART
  • One hour chart showing a range of 1162 - 1180. Bigger moves are possible when the range gets resolved.
  • 4 hour chart showing a channel. Price violated the lower boundary for a while but has managed to get back into the channel again.
  • Trading above 1175 will give a bullish look to the 4 hour chart.
  • DOW JONES WEEKEND ANALYSIS

CHART-II
  • Nifty futures trading above 6091 will be positive for the index.
  • If sustains above this level NF should move to the top of the range or to the top of the broadening pattern.
CHART-I
  • The support line of the broadening pattern gives support.
  • But things will favour bulls only if it trades above 6091. I am expecting NF to get resisted around 6091 levels and test the support area of 5939 - 5961 during this week.
  • A sharp recovery is possible only if NF trades above 6091 with good volumes.
HOUR CHART
DAILY CHART
  • Nifty futures as expected on Friday's eod post is about to trade below 6000.
  • First chart shows a possible support are 5939 - 5961.
  • Other chart shows the effect of dark cloud cover pattern.
  • Nifty has closed below its 5 day low ema decisively for the first time after the up trend began from 5500 levels. The last time it closed below its 5 day low ema was around 5400 levels.
  • An ascending broadening wedge or an ascending megaphone is possible. A broadening top is also possible. Both these patterns may give support for nifty in the short term. Breaking the support line of these patterns will be negative.
  • Dow Jones weekend analysis

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.

Followers

Blog Archive

Powered by Blogger.

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