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.
  • 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. 

  • Diamond has given a breakdown in favour of the bears.
  • 5921 and 5900 is gone.
  • 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.
  • 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.


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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