October 22, 2010

CHART-II
  • The diamond pattern is not yet resolved. Price is near the apex of the pattern so we will get good direction on monday.
CHART-I
  • ES is showing a diamond like pattern which can give good direction.
  • Important levels are 1182 and 1175 at the bottom.
  • Breakout from this pattern and taking out the levels mentioned can give a good move.
  • GOLD WEEKLY CHART WITH PIN BAR
WEEK CHART WITH PIN BAR PATTERN
 GOLD HOUR CHART
  • Gold weekly chart is showing a pin bar candlestick pattern. Pin bar is one of the reliable candlestick patterns.
  • This weeks correction is followed by the occurrence of the pin bar weekly candle at the top. The correction may stop at the weekly trend line. Break of the trend line will deepen this correction.
  • 2nd chart shows the hour chart in down trend. Price breaking down support levels one after the other.
CHART-II

  • ES Still inside the range mentioned before opening. Any meaningful movement can only happen if 1182 or 1171 breaks.

CHART-I
  • ES Four hour chart with important support and resistance levels.
  • Levels that can support the index are 1171 and 1167.
  • Levels that can act as resistance are 1182 and 1186.
  • SPX - ANALYSIS AFTER CLOSING BELL

  • Nifty futures hour channel chart sent to me by the anonymous reader has worked well till now.
  • I am expecting NF to take support around the 23.6% level. If this level gives up then we may move towards the bottom of the channel where NF will take support. 
CHART-II
  • NF has come down to 23.6% level. If this level holds an up move is possible. Break down of this level will be negative for the bulls and bears will start to take control again.

CHART-I
  • Nifty Futures hour chart with fibonacci levels.
  • NF is keep getting resisted at the 50% retrace area.
  • Right now it is at 38.2% level if trades above this level an up move till 50% area is possible
  • Breakdown below 38.2 can take NF to 6070 area.
CHART-II
  • Nifty Futures range shown in 5 minutes chart.
  • Breakout on the upside will continue the up move from the falling wedge. Down side breakout cannot be ruled out as well.
CHART-I (BY THE SILENT VIEWER)
  • Nifty futures shown here in a possible sideways channel.
  • Breakout above will happen if NF trades above 6150.
  • This chart was sent by a silent viewer of just nifty 
FALLING WEDGE
MOVING AVERAGE AND STOCHASTICS
BROADENING TOP
  • Nifty reverses from falling wedge and closes near 10 and 20 DMA.
  • Reversal has also taken place from the bottom of the broadening pattern. 6074 is the important support line for nifty spot. Above 6074 this up move will continue. If nifty falls below it then the up move will loose momentum.
  • Daily stochastic may also give a buy signal. Every pattern here suggests some sort of bullishness but it is up to nifty to trade above 6074 and move ahead. If not bears will gain strength.
  • Reliance Industries Views : CLICK HERE
CHART-I
CHART-II
CHART-III
  • CHART-II Posted here shows the violation of the weekly resistance line. 
  • But there are multiple resistances ahead for reliance industries.
  • 1094 is an important resistance. Trading above 1094 reliance industries should gather momentum above 1100 which will take the stock to 1048 levels.
  • Failing to close above 1094 will be negative and will push the stock down.
  • Important Levels for NIFTY SPOT : CLICK HERE


  • S&P 500 Shows a doji in daily chart with long upper and lower shadows. This indicates big indecision in the movement of the price. Indecision has come at the top of the trend. will the doji help change the trend in favour of the bears?
  • Despite the noise in lower time frames the daily chart shows how the technical set up is still favouring bulls. There is not major shift in the trend the ascending channel is in place and price is safely moving above the 20 day moving average.
  • Price testing 20 DMA may signal a trend change.
  • US DOLLAR INDEX : TECHNICAL ANALYSIS
CHART-III
  • US Dollar Index crashed below 74 Followed by the break of the neck line. Price also violated the support line of the Broadening pattern. 
  • Price has managed to come back into the broadening pattern .

BROADENING TOP
HNS
  • US Dollar index is showing a broadening top pattern and a possible head and shoulders pattern in its four hour chart.
  • Breaking 77.064 is bearish and will bring the index to the bottom of the broadening top pattern, It will also mean a break of the Head and shoulders.
  • If the index holds 77.064 Price will move towards the top of the broadening pattern.

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