December 7, 2010

  • Today's GAP in SPX is yet to fill completely.
  • If the correction continues price may test the 23.6 Fibonacci level.
  • Price and MACD is showing negative divergence.
  • If price continues to sustain above today's GAP it will favor bulls.
  • SPY is filling the morning gap.
  • Break of 123.30 will fill this gap completely.
  • 123.03 level may give support and an intraday bounce may happen from there.
  • Break of 124.01 will extend this rally.
  • ES gave a triangle breakout today.
  • Price went up till 1234 level and is forming a bull flag now.
  • Price is forming a small range between 1231 to 1234.
  • Break above 1234 will continue the upward momentum. Break below 1231 will be a buying opportunity as long as price maintains above 1224. Breaking below 1224 will be negative.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Reliance Industries if closes above 5 day high ema will keep the upward momentum intact.
  • Stock has lots of hurdles to cross from 1010 level to 1050 level.
  • 50 DMA, 100 DMA and 200 DMA is situated between 1010 to 1050 level.
  • Closing above 1045 can give good upward momentum for the stock.
  • Third chart shows stock taking support at 78.6% level. Broken level of 38.2% at 1045 will act as resistance now.
  • 50 DMA acted as strong resistance yesterday.
  • It was one more day of trying to close above 50% Fib level which got failed.
  • Nifty closed below 5 day high ema.
  • Closed below 20 DMA as well.
  • Unless the above mentioned levels are crossed with good volumes nifty may not move ahead.
  • The weekly chart with the hidden trend line that is acting as resistance.
  • CRUDE OIL RESISTANCE AND SUPPORT LEVELS
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Weakness is yet to be seen in hour chart.
  • Price is trading above 20 and 50 hour moving averages.
  • Daily chart has given a spinning top candlestick. This shows indecision among buyers and sellers. According to the pattern if the candlestick's color is against the prevailing trend we may see a reversal. This candlestick needs price confirmation.
  • SPY TRIANGLE PATTERN

  • Crude oil is trading near its 50% Fibonacci Retrace level of its fall from 147 to 33 levels.
  • Crude oil is trading near the resistance line in weekly chart. A dip below 87 will be negative and can take crude to 83 levels.
  • Up move will be possible only on a breakout from this pattern and the 50% Fib level at 90.54.
CHART-II
  • Triangle gave an upside breakout and went up till the range top at 123.03 and got resisted there.
CHART-I
  • SPY 5 Minutes chart is showing a Descending Triangle.
  • 5 minutes chart is showing a range of 122.11 - 123.03.
  • 122.65 is a support resistance zone. 122.50 is the support line of the triangle.

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