November 5, 2010

CHART-II
  • Trend line drawn in the below chart has held so far.

CHART-I
  • 15 minutes chart of SPY with trend line support and the GAP.
  • Violation of the Trend line may get support at 121.96.
  • Breaking 121.96 will be negative for the bulls of SPY
  • Futures will gather momentum above 1218. It is not that the bulls lack momentum but If price stayed above 1218 it will add to the strength of the bulls.
  • 1212 is the level below which  one can see some weakness setting in.
  • But for now everything looks ok for the bulls.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
CHART-II
  • Reliance has again reversed from the selling zone of 1089 - 1125.
  • Stock was not able to cross this area.
  • 1030 is a good support zone for reliance.
CHART-I
  • Reliance Industries weekly chart with the resistance zone.
  • Previous weekly closes into this zone has been negative.
  • We have to see how the stock closes today. Closing above 1130 will be very positive.
  • If get resisted stock may break below 1089.
  • Yesterday's nifty chart shows the largest volume day in recent months and it was a bullish day ending near the high of the day.
  • 2nd chart shows the price advancing towards the top of the broadening pattern.
  • Closing above 6284 nifty should cross 6400 next week. Sometime during next week nifty may find resistance near the top of the broadening pattern.
  • RELIANCE INDUSTRIES ENTERS THE RESISTANCE ZONE
SPX WITH GOLDEN CROSS
DAILY CHART WITH WHITE MARUBOZU
DAILY CHART WITH ASCENDING TRIANGLE
  • Unlike the death cross that spx had recently which did not do any favour for the bears, The golden cross seems to be giving good returns for the bulls.
  • The way the index closed. It nearly missed a white marubozu. a white marubozu shows the extreme conviction among buyers.
  • Third chart shows an ascending triangle breakout. Yesterday's closing above 1196 did gave a clue of what's going to come.
  • Yet another Diamond pattern that break out on the upside.
  • I was looking for a downside break. 
  • Closing the day above 11285 will confirm a bullish breakout. Right now index is trading well above 11300. But we have to get the confirmation on closing basis.
  • Gold may hit another all time high soon.
  • 1387 in weekly chart will remain as a resistance area. But today's price action seems to be have enough momentum to take out 1387.

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