October 25, 2010

  • SPY with its broadening top pattern in hour chart.
  • The resistance line of the pattern was violated today But price has come back into the pattern.
  • Now price is in a range of 118.72 - 119.75. Further large movements will happen only after the violation of this range.
  • USDJPY has broken important support at 80.81.
  • This area will act as resistance now.
  • 81 area is also an important support in the monthly chart.
  • Trend line violated.
  • shorts will be safe below 1182
  • S&P 500 Futures 15 minutes chart with trend line support.
  • Index is trading close to a trend line.
  • If trend line gives support an up move is possible from this area
  • Apple hits the resistance line in hour chart.
  • Any upsides is possible only if the stock closes above 312 levels.
  • Stock has good support in the form of a trend line.
  • Hour chart should give a breakout soon.
  • 4 Hour line chart of ES.
  • The chart shows the resistance the index had around 1181 area.
  • It took the 4 hour chart 4 attempts to clear the resistance. Now that the resistance is broken this level should act as support.
  • Nifty futures 30 minutes chart with support and resistance lines.
  • It seems the next big move will occur only after one of these lines get broken.
  • NF has not violated the GAP it has created today morning.
  • Nifty futures hour chart with fibonacci levels.
  • If 6114 levels break in Nifty futures the correction may get deeper. Fib levels may come in handy for booking profits.
  • NF slips below 6145. 
  • Next supports are at 6133 and 6144
  • Nifty futures was trading between 6052 - 6145.
  • NF has given a breakout above 6145.
  • If 6145 holds NF may start moving higher.
  • Breaking below 6145 will be negative
  • Reliance Industries has good resistance at 1095.
  • On Friday stock came to this level and stopped its up move.
  • any up moves from here can only happen if the stock closes above 1095.
  • MACD is showing  a negative picture but that can change if the stock moves above 1095. 
  • Nifty daily chart with its two recent closes below the moving average.
  • Price is still below the 20 SMA. If price manages to close above 20 SMA and the line drawn at 6127 it will be a good buying opportunity as it closes above 20 SMA.

  • Daily line chart is showing a triangle pattern. One should look for a close outside the triangle pattern for getting in.
  • Along with the triangle pattern one should also keep in mind the position of the 200 DMA . Since the stock is trading close to its 200 DMA. The breakout or breakdown that moves the stock away from 200 DMA will give large moves. But one should make sure that the breakout is sustainable to make such a move.
  • Weekly chart is also close to a make or break area. So for the breakout to enter the stock.


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.


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