December 3, 2010

  • SPX 15 Minutes chart with important support at 1216.
  • Break below 1216 will favor bears for extending this selling in short term charts. Break of  1216 may give 1212 initially.
  • Breakout above the dotted line will favor bulls to continue this rally.
  • GOLD CROSSES 1400

  • First chart shows price in a consolidation pattern trading near support and resistance line. Price shall give good direction in either direction soon.
  • Second chart shows price trading above 20 DMA. Staying above 20 DMA will favor the bulls.
  • Third chart is the weekly chart shown with the trend line and the resistance line. Price staying above this trend line will increase the chance of an upside breakout.
  • ES FIBONACCI LEVELS
  • ES Chart with Fibonacci levels.
  • Today's correction has found support near 23.6% Fib level for now.
  • If this level gets broken than 1204 level which was the previous resistance may act as support. 38.2% Fib level also comes in this area.
  • From 50% Fib level at 6015 to 61.8% at 6091 nifty has to cross multiple resistances if it is to move ahead.
  • Most important among them would be the 20 DMA and 50 DMA. If it manages to cross this then nifty moves to 61.8% at 6091.
  • Only a daily close above 6091 can extend this up to 6200. 

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.

Followers

Blog Archive

Powered by Blogger.

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