December 22, 2010

  • SPY 5 Minutes chart is trending up above the cloud. 
  • Usually cloud gives good support in hourly time frame. But this week the trend is so clear that the cloud looks good even in five minutes chart.
  • So expect correction only if the cloud breaks in 5 minutes time frame.
  • Silver hour chart gives an ascending triangle pattern.
  • But price is finding it tough to sustain above 29.500 levels.
  • Now that the price is near the apex of the pattern we will get good direction soon.
  • As the pattern is an ascending triangle one can hope for a bullish breakout. One cannot rule out the possibility of the supporting trend line getting broken too.
  • CRUDE OIL SUPPORT AND RESISTANCE LINES

  • GBPUSD Looks weak after a support line violation in daily time frame.
  • Support line also looks like a sloping neckline of a head and shoulders pattern.
  • Pair has good supports at lower 1.53 levels and 1.51.
  • Large correction can be expected only if 1.51 is taken out.
  • Bidu hour chart with resistance line and 50 hour moving average.
  • Price can continue the positive movement in hour chart only if it breaks above the resistance line and the 50 hour moving average.
  • Resisting here will attract selling.
  • ES NEGATIVE DIVERGENCE

  • ES has hit the upper trend line at 1251 giving a higher high for price and a lower high for the MACD Indicator. Problem here is that if ES continues to go up MACD will give higher bars which will negate this divergence.
  • So bears should hope that ES does not break and sustain above 1251.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
CLICK THE CHART TO ENLARGE
  • Crude oil daily chart with support and resistance levels.
  • Breaking above the resistance line and sustaining above 91-92 levels can give 95, 97 and 104
  • Breaking below the support line may take crude to 85 levels.
CHART-III
  • Finally Nifty futures takes more than 5 steps in the same direction
  • Staying below 5990 will give good gains for bears.
CHART-II
  • Price in a narrow range as it did yesterday.
  • If we breakout above 6040 NF we may see some action. For bears it will be below 6015. Otherwise this sideways movement will continue for some more hours.
CHART-I
  • Nifty Futures has given an upper breakout.
  • Bulls are safe to hold on as long as 6015 is not taken out by bears.
  • Weakness will be seen below 6015.
  • Nifty line chart shows the resistance area the index needs cross on closing basis.
  • Price stands above 20 DMA and Below 50 DMA. Closing above 50 DMA will favor bulls. Closing below 20 DMA will favor bears.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • SPX Dailly char shows the index making a positive closing above 1254 levels. 
  • For now the immediate supports can be raised to 1246 and 1250 levels. Positional longs will be safe as long as 1246 is not taken out.
  • Hour chart shows how the 50 hour moving average and Ichimoku cloud acting as support during corrections.
  • DOW JONES HOUR CHART ANALYSIS

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