November 10, 2010

  • Dow Jones four hour chart
  • 11247 seems to be holding well for the bulls. The down move was stopped just above this level today.
  • 50 moving average in four hour moving average seems to be supporting well.
  • One who has kept the cloud as stop loss is yet to be stopped out from the time this trend started.
  • Baidu hour chart in a triangle formation.
  • Considering the trend of the stock in daily chart which is up an upside breakout should be a good opportunity to go long.
  • Closing above 112.35 will give good upside momentum for the bulls.
  • Since this is a triangle it can give a breakdown too. support for the stock is at 106 levels. If 106 breaks there is an unfilled GAP in the chart bears may help fill the GAP.
  • SPX took support below its 50 hour moving average.
  • 1217 area may act as a resistance for this upmove.
  • Double top formation in SPY 30 minutes chart. Resistance points at 122.92 and 122.94
  • But more importantly price has started to fill the GAP that was formed last week.
  • Breaking and trading below 120.67 will favour the bears and may fade this gap completely.
  • BEAR FLAG OF S&P 500
  • USD/JPY pair has violated the strong down trend line in daily chart.
  • Price has been resisted by this trend line since the middle of 2010.
  • But for a larger move to happen pair should make a weekly close above 82.92 and sustain above it.
  • If 82.92 acts as resistance we can see another sell off in this pair
  • Name is bear flag and it helped the bears.
  • 1200 of ES may be tough to break.
  • ES Hour chart has a flag pattern.
  • This one is a bear flag that can breakout on any side.
  • Important levels to watch out are 1212.75 on the upside and 1207 on the downside.

  • Broadening top pattern in 5 minutes chart.
  • Things will turn negative only if the dotted trend line breaks. which can get support at the support line of the broadening pattern.
  • Important support for bank nifty in daily chart is at 12827.
  • Weakness will be visible only if this level gets broken.
  • Weakness in daily chart may not affect the weekly technical set up which is very strong. 
  • Second chart shows the rising channel and bank nifty hitting resistance at the top of the channel. This can give a correction.
  • Daily chart shows price near the apex of  a pattern or trading near support and resistance lines which are converging and should give good direction from here.
  • 6338 which was the high made in nifty during last week is yet not crossed. 
  • Any correction will be supported by the weekly trend line. major trend change only when the trend line breaks.

  • Hour chart is yet to close below 50 hour moving average.
  • Today's down move was halted at the 50 hour moving average.
  • Four hour chart is shown with the Ichimoku Cloud. Price is yet to touch the cloud since this up trend started. So not threat to the trend as of now.
  • Daily chart too looks negative. But positional longs are safe until price remains above 11247


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"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