December 31, 2010

  • Apple rising wedge breakdown in hour chart.
  • Supports are at 321.65 and 319.
  • At present stock is pausing near 321.65 break of this level can give 319.
  • EURUSD AND US DOLLAR CHART ANALYSIS
  • Bidu is moving away from its 50 hour moving average.
  • Stock has also fallen below its support level of 97.95 in hour chart.
  • Next support for Hour time frame is at 95.75.
  • EURUSD AND US DOLLAR CHART ANALYSIS

CHART-II
  • We had a breakdown from H&S pattern. But bears are not able to gain momentum.
  • If price does not trade below 1248 This will end up as another H&S pattern that's failed.
CHART-I
  • ES Hour chart with head and shoulders pattern.
  • Since the failure rate of this pattern is high these days Neck line can be used as a support line too.
  • Price may go down only if it sustains below 1251.50 for some time.
  • Main support below 1251.50 is at 1245.50
  • S&P 500 ANALYSIS AFTER CLOSING BELL.

  • Nifty has closed above the golden ratio 61.8%. Sustaining above this level can take it to 78.6% Fib level.
  • Nifty continues to close above 5 day high Ema Showing Bull strength. 
  • Bigger up move can happen once the 20 DMA does a bullish cross above 50 DMA.
  • SILVER RESISTANCE LEVEL

  • S&P 500 gave a negative day followed by the shooting star of yesterday.
  • Break of 1255 area may give good gains to bears.
  • But the hour is trending up above the cloud and the trend looks strong. Bulls may become weak only if price trades below the cloud.
  • 30 Minutes chart shows the possible trend line support in case of a correction.
  • SILVER RESISTANCE LEVEL
  • ES SUPPORT LEVEL IN HOUR CHART

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