November 3, 2010

CLICK THE CHART TO ENLARGE
  • Dow Jones Trend analysis with Ichimoku Cloud.
  • The strength of the trend is clearly evident because not even a single dip touched the cloud.
  • So  weakness can be visible only if price comes in contact with the cloud.
  • If ES sustains above 1192.75 and trades above 1196.25 bulls will be in control today.
  • Falling below 1192.72 will be slightly negative for the bulls
  • Below 1192 the first support is at 1188.

  • Posting the chart to show the potential of a perfect price and volume breakout.
  • The breakout above 284 went till 490. 
  • From March this stock was in a sideways consolidation with low volumes.
  • From 27 september to 1st october this stock traded from a low of 238 to 250 with a volume of 0.979 million stocks getting traded in NSE.
  • Next week from that is from 4th October to 8th October  stock went from a low of 243 - to a high of 299 with 8.4 million stocks getting traded.
  • Weekly chart is showing major support at 380 levels and resistance at 590 levels. 
  • Nifty Futures hour chart with fibonacci levels
  • Futures is trading above 61.8% level
  • This up move has given two gaps as shown in the chart both of them stands unfilled. If we end this week above 6200 they will stay as runaway gaps.
  • NIFTY has stayed above the GAP that was created on monday.
  • The break of the down trend line is still valid. The support at 6071 is being respected by the index.
  • Bears will have their chance below 6071.
  • The momentum is not lost because the index stayed above 5 day high EMA.

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