November 18, 2010

  • US Dollar index violates the trend line in hour chart.
  • The up trend in hour chart is still intact. Only if the hour starts trading below 78.50 the up trend in hour chart will be challenged.
  • The break of the trend line shows weakness in chart but if price breaks out above the resistance line in red the up move will continue. 
  • Resistance for the index is at 79.58 and support at 78.50
  • Russell 2000 has filled the gap between 712 and 716. But in the process has created another GAP between 706 - 711.
  • Green line may act as resistance. But breaking above that line will favour the bulls.
  • If price gets resisted at the green line and falls back below 716 then today's GAP will be faded. 
CHART-II
  • ES has given a breakout from the descending channel.
  • If Price sustains  above 1194 Next target is 1201.
CHART-I
  • ES made a re-entry into the descending channel.
  • Price is near the upper boundary of the channel.
  • If a breakout happens price should sustain above 1194 for a bigger up move to happen.
  • SPY SUPPORT AND RESISTANCE LEVELS

NIFTY FUTURES 15 MINUTES CHART
  • An ascending Triangle with a Descending broadening wedge.
  • These are reversal patterns. But The hourly trend is down so unless the reversal is confirmed it will be risky to go long.
  • For the day 6042 was never crossed convincingly. 6050 and 6145 are resistance to cross for bulls to gain strength.
CHART-IV
  • Nifty Futures getting resisted near 6042 that is the day high and price is trading near the main trend line which may also act as resistance.
  • So any up move can happen only if these two levels are taken out.
CHART-III
  • Break of 5972 which was the low of this week gave 5921.
CHART-II
  • Nifty futures could not sustain above 6025. 
  • Index tested 5972 and has taken support there But if it gets tested again this level may break and will give a new low for nifty futures.
CHART-I
  • Descending broadening wedge pattern in nifty futures.
  • This is a consolidation pattern that appears in a an up trend and results in a resumption of the earlier trend.
  • The current up move may find resistance at the down trend line.
  • Support for NF is at 5972 intraday longs will be safe above 6025. important resistance at 6144.
  • TATA STEEL TECHNICAL ANALYSIS
  •  Fibonacci levels of tata steel shows support at 38.2 levels. Break and close below it again may push the stock down to 50% levels.
  • Line chart shows support for the stock at 588 and 576 and resistance at 668.
  • Line chart also shows price converging between support and resistance lines which can give a breakout in the coming weeks.
  • TATA STEEL HAD BEARISH ENGULFING IN WEEKKLY CHART

  •  Nifty takes its first step on to the cloud. Closing into the cloud will be signalling more weakness. But a bounce from here may give hope for the bulls.
  • 5930 - 5940 area is the important support for this down move.
  • Nifty continues to close below 5 day low ema. Sell on rise will continue until nifty closes above 5 day high ema. If price moves too far away from 5 day low ema one can see a small rally to reduce the deviation.

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