December 23, 2010

  • SPY 5 minutes chart with the narrow range.
  • Price has been in a range of 125.50 to 125.82 from yesterday.
  • Violation of this range may give direction for the next move. Safer trade would be an upside breakout considering the larger trend of the market.
  • YEN LOOKS WEAK AGAINST DOLLAR. (USDJPY CHART ANALYSIS)


  • ES Hour chart with 50 hour moving average and raising support line.
  • Today's correction may drop price to 50 hour moving average.
  • Break of 50 hour Moving average may find support at the raising support line.
  • So 1251 and 1249 levels can act as support.
  • GBPUSD HEAD AND SHOULDERS PATTERN

  • Nifty Futures 30 minutes chart with Fibonacci levels.
  • Nifty Futures not able to break above 50% Fib level of yesterday's fall.
  • Break above 50% level may give an up move for futures.
  • EURUSD may end correction near 78.6% again. 
  • Price is forming a falling wedge which is a bullish reversal pattern.
  • Breaking the resistance line will be positive and should take out the dotted resistance line for a meaningful up move to happen.
  • Breaking the support line will be negative but may find support near 78.6% Fibonacci level
  • Japanese Yen looks weak against dollar. 
  • USDJPY gave good up move past few weeks from 80 levels to 84.
  • Pair was not able to sustain above 84.40 has given a negative break today.
  • If it trades below 82 we may see large correction for this pair
  • Nifty Futures is trading near the support line of a possible triangle in 30 minutes chart.
  • An up move if happens will target the resistance line for today.
  • Break of the support line will be negative and will target 5960 NF Initially. Sustaining below 5960 can give good correction.
  • Nifty is getting resisted at 50 DMA. We had a bearish cross of 20 below 50 recently and nifty rallied twice to this area and found resistance there. I feel nifty will breakout on the next attempt.
  • Breaking below the support line will be negative and 20 DMA may act as support in this case.
  • CRUDE OIL SUPPORT AND RESISTANCE LINES

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