December 30, 2010

  • ES Hour chart with support at 1251.50
  • This level has to break convincingly for bears to extend gains.
  • This level was broken once which gave 1245.50 levels.
  • If price takes support here we may see 1255 again.
  • SILVER RESISTANCE LEVEL

CHART-II
  • Silver triangle breakout has given a good long trade. Price failed to sustain above 30.750 level which was discussed in the below chart.
  • Price may do a retrace of the breakout before going up again.
CHART-I
  • Silver four hour chart shows a triangle pattern breakout.
  • Price may find resistance near 30.750 area.
US DOLLAR DAILY CHART
 EURUSD DAILY CHART
  • US Dollar looks weak following a triangle pattern breakdown in daily chart.
  • US Dollar has closed below its 50 day moving average closing below the support line of the triangle will make it weaker.
  • EURUSD looks strong. Breaking above its 50 day moving average will make it stronger. Resistance level is at 1.3496.
  • 50 day Moving average can also act as resistance for EURUSD.
  • DOW JONES FUTURES CHANNEL FORMATION

  • Dow Jones Futures one hour chart with the ascending channel formation.
  • Price is trading near the support line of the channel.
  • It seems this dip will also be bought, Break above the dotted black line may give a good long trade.
  • Nifty has finally managed to close above its 50 DMA.
  • But the volume trend has not changed yet low volumes continue even on a breakout day.
  • Nifty should stay above 6070 for continuing this up move.

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