November 12, 2010

  • Silver has gone below 26.40 which was an important support level in hour chart.
  • Next support is at 25.86, Trading below this level will be negative and it can push the rate down to 25.21 initially.
CHART-II
  • Support broken at the fourth attempt
  • This area may act as resistance now.
  • We may see an up move after filling the GAP
CHART-I
  • SPY is finding support at 120.67 area. 
  • Today price hits this area for the 3rd time in hour time frame. This has the making of a triple bottom reversal pattern. But if it gets tested again bears may be successful in breaking it
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CHART-II
  • Descending Triangle mentioned below has given a good trade for the bears. Low made was 1193. Price is still finding resistance at the resistance line of the triangle pattern.
  • Even if price manages to break above the resistance line of the pattern, 1213 seems to be a tough resistance area for bulls to breakout.
CHART-I

  • ES has a descending triangle pattern that can give good direction.
  • Descending Triangles usually gives a breakdown of the support line.
  • But ES is showing good support at 1200 so this may again act as a support area.
  • If price breaks the resistance line of the triangle pattern than price should sustain above 1213 for making good up moves.
  • Nifty futures 5 minutes chart with ichimoku cloud and trend line.
  • See the power of the trend the cloud is not even touched once by the price, Even though it is the 5 minutes time frame.
  • Every rise of NF was sold off.
  • 6090 was an important level a trend line in 4 hour time frame is violated. 
  • Nifty found resistance at the top of the broadening pattern. As mentioned in a PREVIOUS POST 6284 turned out to be a good resistance zone for nifty spot.
  • Bulls will gain strength only if they trade above 6284.
  • price closed below 5 day low ema which is negative. 
  • ES did move to 1200 But did not stop there. Instead it broke and made a low of 1193.
CHART-II
  • As discussed below the breakof upper boundary found resistance around 1213
  • ES will move towards 1200 now and may find support near that level.
CHART-I
  • ES has a descending triangle pattern that can give good direction.
  • Descending Triangles usually gives a breakdown of the support line.
  • But ES is showing good support at 1200 so this may again act as a support area.
  • If price breaks the resistance line of the triangle pattern than price should sustain above 1213 for making good up moves

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