December 15, 2010

  • Silver four hour chart is trading close to an important support and resistance line.
  • 28.01 level can give support for silver in case of a correction, 29.98 level is the resistance level for silver.
  • Price is trading close to the apex of a triangle like pattern which may give good direction soon. In case of a breakout the above mentioned levels should break for getting good direction.

CHART-II
  • We had a small bounce as discussed below.

CHART-I
  • SPX Hour chart with support line and 50 hour moving average
  • Price is trading close to the 50 Hour moving average and an important support line in hour chart. For the correction to continue price should break the support line and the moving average.
  • If the support line is held one can expect an intraday bounce from here.
  • SILVER SUPPORT AND RESISTANCE AREAS

  • S&P 500 Futures Chart with 50 hour moving average and Ichimoku cloud
  • Price has fallen below the cloud and  50 Hour moving average.
  • Price is finding it tough to cross 1238 - 1239 area.
  • Uptrend can only resume on an hourly close above 1242 level.
  • 1234 may act as support level for ES.
CHART-II
  • 5900 was violated for a while but nifty futures is getting support at this level.
  • Nifty has to sustain below 5900 for selling to gain momentum.
CHART-I
  • Nifty Futures 5 minutes chart with support and resistance levels.
  • 5900 is the low which need to be broken for bears to start selling.
  • 5949 and 5964 levels may act as resistance levels
  • Channel mentioned yesterday broke today morning followed by a small gap down opening. The morning gap is filled now and NF is moving towards the low of the day.
WEEKLY CHART
DAILY CHART
  • Sesa Goa weekly chart is showing a flag pattern.
  • This is a bullish continuation pattern but the daily chart is looking weak. Price is trading below 50 DMA. 
  • So for now a move towards 50 DMA can be expected.
  • Big breakout can happen only if the stock breaks above 50 DMA and the resisting trend line.
  • Breaking below the weekly support line will be negative.

  • Nifty line chart is showing a range of 5751 - 6010. With 5890 as the mid point.
  • Nifty is trading near 5 day high ema but the the up move is lacking momentum till now.
  • Nifty closing below 5890 will be negative. Closing above 6010 will be positive.

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