November 19, 2010

  • Silver hour chart has resistance at 27.39.
  • Price was resisted at this level twice recently. 
  • Breakout above this level can take silver to 27.70.
  • Getting resisted here will be negative for the bulls, If price gets resisted near 27.39 are we can expect a triple top in hour chart.
DAILY CHART
HOUR CHART
  • US Dollar index daily and hour chart with 50 moving average.
  • Price in daily chart is finding resistance near 50 DMA.
  • Hour chart is also trading near 50 hour moving average.
  • Important resistance is 79.58. If this level is taken out price will start a trending move above 50 DMA.
  • Support levels are 78.50 and the recent low of 78.24. Breaking these two levels will reverse the trend in hour chart.
  • SPY hour chart with the GAP that is yet to be filled.
  • 119.36 is near the 38.2% Fib level so if this level is violated we may see price drifting down to 50% Fib level Completing a partial filling of the GAP.
  • I am not expecting the GAP to be filled completely today.
  • S&P 500 Four hour chart with Fibonacci levels for the fall from 1224.50 to 1170.75
  • Price is finding resistance at 50% retrace levels. Candles are trying to close above this level but are getting resisted.
  • 38.2% is giving support. This range should be resolved for big movements to happen. 
  • US DOLLAR INDEX HOUR CHART ANALYSIS


CHART-II
  • Diamond has given a breakdown in favour of the bears.
  • 5921 and 5900 is gone.
CHART-I
  • 5 minutes chart gives a beautiful diamond pattern in nifty
  • Reliability of the pattern is low because it has come in 5 minutes time frame.
  • Diamonds are bearish patterns and are effective when comes at the top of the trend.
  • If 5921 of Nifty futures is not broken today we may see good up move.
  • Break of the dotted line may signal a trend reversal in hour chart.
  • One should be careful while taking long position because the index is trading near important support levels.
  • Break of 5921 will give fresh lows for nifty futures this time below 5900.
  • So the important levels to watch out are 5921 and 6052
  • Triangle mentioned yesterday has given a break down.
  • Break of 5971 was negative and if price continues to stay below 5971 it will drag the index down.
  • 5945 and 5921 may act as support levels.
  • Bulls will be stronger above 5971 and has to break the down trend line mentioned in yesterday's post. click the below link to see the post.
  • NIFTY FUTURES INTRADAY UPDATE
  • 5900 - 5930 was held yesterday.
  • Long shadow of the candle shows the strength of buyers. A reversal can be confirmed if price closes above 50 DMA today.
  • Failure to close above 50 DMA will be negative for the bulls.
  • Ichimoku cloud seems to be helping  bulls. Price not able to break the cloud. If nifty closes above the cloud, some upward momentum can be seen in the coming day's.
  • S&P 500 FUTURES CHANNEL BREAKOUT
  • US DOLLAR CHART

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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