October 29, 2010

CHART-II
CHART-I
  • SPY 5 minutes chart with two ranges.
  • The smaller range is between  117.83 - 118.71.
  • The larger range is between 117.26 - 119.11
  • Large movements will be possible only when these ranges gets violated
  • Microsoft was above 200 DMA for sometime today. But stock was not able to stay there.
  • 26.91 is also a good resistance area for the stock.
  • So further up moves will be possible only if the stock closes above 26.91 and the 200 DMA.

  • USDJPY is testing the low of 80.40 again.
  • Breaking 80.40 will be negative for the bulls.
  • This area may act as a support zone as well
  • S&P 500 5 minutes chart with a diamond pattern which is slightly out of shape. But still the pattern touches the trend lines on all sides.
  • Price has entered the pattern from the top trend line. So a break of the support line can be expected for this one. But one has to be cautious because of the time frame, it has come in the 5 minutes chart so reliability is less.
  • EURUSD four hour chart with candlestick patterns.
  • Correction from 1.40 region was after the Gravestone Doji that was shown at the top.
  • Now we are seeing a Dragonfly Doji which is bullish.
  • Price need to cross 1.3952 for turning bullish again.
  • Dow Jones Futures is showing a triangle pattern.
  • Things will turn positive for bulls above 11150
  • Bears would like to see 10960 broken.
  • So a break of the triangle along with the levels mentioned above can give good momentum for the index.
  • GOLD MAY GO UP IF TRADES ABOVE 1350 - CLICK HERE FOR THE CHART

  • ES in a range of 1162 - 1182 with attempts to breakout and breakdown.
  • Those attempts to move ahead have failed so far and price is still in this range.
  • It seems Market is waiting for some big news for making the next move. Only a daily close outside this range can confirm a breakout or breakdown.
  • TRIANGLE OF DOW JONES
  • NF showed a negative breakdown and now back above the support line.
  • Bulls will gain momentum only if they stay above the red line and the most important trend line the black one.
  • Price should trade above 6100.
  • Gold dipped a bit in the past few weeks. But it seems the trend line will hold.
  • If the trend line holds and if 1350 is crossed a good rally can be seen in this commodity.
  • ASCENDING TRIANGLE OF SILVER

CHART-II
  • Breakout from ascending triangle crossed the first resistance at 24.50 and closed above it. the closes seems to be strong, so price may cross 24.91 next week.

CHART-I
  • Silver 4 hour chart with support and resistance lines
  • 24.07 is an important resistance are for silver.
  • above 24.07 main resistances are 24.50 and 24.91.
  • An Ascending triangle has formed in this chart.
  • GOLD MAY GIVE A RALLY ABOVE 1350 CLICK HERE FOR THE CHART
CHART-II
  • The Descending triangle gives a support line break favouring bears.
  • Now the larger fall will be possible if 5937 breaks

CHART-I
  • Nifty futures 30 minutes chart with a descending triangle.
  • Pattern also shows two false breakdowns. 
  • Bears may be lucky the 3rd time. If they does not do a big breakdown soon a sharp up move is possible.
  • Descending triangles are known to break below favouring bears Lets see how this one goes.
  • First chart shows a negative candle at the top of the range and after that there was not a single day which closed above 5 day high EMA. Most of the action shifted to 5 day low ema giving chance to sell on rise.
  • Next chart shows price closing below 20 DMA. Shortly if this down move is not stopped price will have an encounter with 50 DMA.
  • The best trades are done when two or more set ups come together. Look towards the left side corner of the chart A HAMMER ON THE 50 DMA which is an easy long to take with a small stop loss.
  • We had a similar set up in nifty futures intraday chart. A Trend  line and the 50 hour moving average came together to pull the index down.
  • CLICK HERE FOR NIFTY FUTURES CHART

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