January 31, 2011

WEEKLY CHART
DOW JONES 15 MINUTES CHART
  • Dow jones weekly chart shows a bearish candle at the top.
  • A bullish candle during this week may negate the bearishness of the previous candle.
  • But price has not retraced much yet. If price falls below last weeks candle we may see more bearish action.
  • 15 minutes is showing a continuation flag pattern.
  • Level for bulls to cross 11870 for a short term up move to happen
  • Break below 11800 will favour bears.
  • First chart is ES daily with important level at 1273.50.
  • Bulls are trying to stay above this level.
  • Hour chart shows 1285 as the golden ratio for the recent fall. Bulls getting back above this level may be able to retrace 100% of the fall.
  • Falling below 1273.50 again will favour bears.
  • MICROSOFT TECHNICAL ANALYSIS

  • Nifty futures has filled the morning gap
  • Now there is a broadening pattern developing in 5 minutes chart.
  • The resistance line of the broadening pattern has to be broken for further upside move to happen
  • Nifty Futures 5 minutes chart with support and resistance lines.
  • Morning gap is yet to be filled completely.
  • 5 minutes is trying to create a channel formation But may hit resistance.
  • A short term reversal can be seen if the gap is completely filled and price closing above it.
  • Breaking the support line showed in the above chart will favour bears and if today's low gets broken we may see 5350 soon.
  • RELIANCE INDUSTRIES SUPPORT LEVELS

  • Weekly chart of reliance industries shows a support at 901.
  • Break of this level on closing basis will be negative for the stock.
  • Next support is seen near 858 levels.
  • Resistance for the stock is at 950 levels which it broke recently.
  • NIFTY WEEKEND ANALYSIS

  • CNX IT has been getting support just below its 50 day moving average.
  • One trend line in daily chart too has held well so far.
  • Now 50 DMA has broken again. If the trend line does not hold we may see some downside for major IT stocks and CNX -IT index.
  • If the trend line holds and price goes on to break the resistance line this up trend will continue.
  • TATA STEEL ASCENDING BROADENING WEDGE

  • Daily chart of Tata steel shown with an ascending broadening pattern.
  • Price is trading close to its support line and near 50 day moving average.
  • So Break of support line will push tata steel towards its 200 day moving average.
  • While getting support here and trading above 50 DMA will favour bulls in the short term.
  • NIFTY WEEKEND ANALYSIS

January 30, 2011

  • First chart shows negative price action below the trend line in daily chart of  Google.
  • Second chart shows price resting exactly at 50 day moving average.
  • 3 chart shows 20 ema and 5 ema giving a bearish cross in daily chart.
  • Last chart is the weekly chart of google. Week has given its second bearish candle.
  • Staying below 50 DMA will favour bears. 
  • MICROSOFT TECHNICAL ANALYSIS

January 29, 2011

  • Daily chart of MSFT shows price testing the 50 day moving average.
  • Momentum of price is favouring bears. If stock closes below 50 dma direction will favour bears in the short term.
  • Weekly chart shows important support area near 27.40. Price is testing this level. Closing below this level will take price towards the weekly trend line.
  • US DOLLAR RISES FROM THE GOLDEN RATIO

US DOLLAR DAILY CHART
EURUSD DAILY CHART
  • US Dollar and EurUsd daily charts with the golden ratio(61.8%) Fibonacci level.
  • US Dollar took support at the 61.8% Fib level while for Eurusd it acted as resistance.
  • Now for the Dollar to rise it should cross the 50% level and close above it which will confirm a short term reversal in US Dollar price and this means negative outlook for EURUSD.
  • Nifty daily chart showing bears extending gains below 200 DMA. 
  • Line chart is showing a possible reversal area from near 5490 levels
  • MACD is showing slight positive divergence but price is yet to confirm.
  • Bears will be happy to see yet another bearish engulfing in weekly chart.
  • TATA STEEL ASCENDING BROADENING WEDGE

  • 1273.50 Is an important level in daily chart.
  • This level may give support as this acted as a resistance area in the past.
  • But if bears manage to break and close below this range, Things will favour bears in the short term.
  • APPLE HOUR GIVES A SELL

January 28, 2011

  • Crude oil is showing bullishness in daily chart.
  • Price took support near the trend line in daily chart and has moved up.
  • Price should sustain above 89.50 for this bullishness to sustain.
  • APPLE HOUR GIVES A SELL

CHART-II
  • Range beaks down. gives a good short trade.
  • If price continue to move away from 50 hour moving average bears can extend gains.
CHART-I
  • Apple falls below 50 hour moving average.
  • But the range in hour chart is yet to be resolved.
  • If 342.75 breaks bears may extend gains below 50 hour moving average.
  • ASCENDING TRIANGLE OF ES
CHART-II
  • Rectangle breaks in favour of bears.
CHART-I
  • Dow Futures one hour chart is trading in a rectangle pattern.
  • The range is between 11910 - 11970.
  • APPLE HOUR CHART ANALYSIS

  • ES Four hour chart with resistance area between 1296 - 1298
  • Price has been trying to close above this band but is finding resistance here.
  • For the bulls to move ahead price should breakout above this level and sustain there.
  • If price keeps getting resisted here ES may slide back to 1290 levels.
  • SILVER DESCENDING CHANNEL
CHART-III
CHART-II
CHART-I
  • Nifty Futures broke the support line around 5627 yesterday
  • NF fell below 5400 today.
  • NF is falling down in a narrow channel. Price closing outside the channel may give a decent bounce. But till now every small rise has been sold off by the bears.
  • This is a follow up post from yesterday's  INTRADAY UPDATE
  • Nifty closes below 200 DMA first time after may 2010.
  • Weekly chart is showing a possible bearish engulfing pattern, which will get confirmed today if the week closes below 5648. Last two bearish engulfing patterns showed in chart has given good gains.
  • Bulls will try to stay above the trend line in weekly chart. failure to stay above it may push nifty down to 5350 levels.
  • SILVER DESCENDING CHANNEL

January 27, 2011

  • QQQQ Hour chart is trading above the cloud.
  • Price is near its resistance level at 57.26
  • If price closes above this level we may see 59 levels in the coming days
  • getting resisted here will be negative
  • SILVER DESCENDING CHANNEL

  • SILVER Four hour time frame with a descending channel formation
  • Immediate resistance for silver is seen between 27.82 - 28.05
  • The channel bottom line is acting as support.
  • SPY TRIANGLE BREAKOUT

  • Price is consolidating after its breakout from the triangle pattern.
  • Breakout may achieve the target if the consolidation resolves on the upside.
  • Breakdown below 129.40 will be negative. Price falling into the triangle will lead to a busted pattern.
  • DOW JONES FUTURES CHART ANALYSIS

  • ES Daily chart with resistance and supporting lines.
  • 1296.50 is acting as resistance for ES.
  • Closing above 1296.50 will extend the bull run.
  • Breaking below the supporting trend line will be negative for the bulls.
  • DOW JONES FUTURES CHART ANALYSIS

  • Dow Jones futures hour chart with support and resistance lines.
  • Price is trading in a range of 11910 - 11970.
  • violation of this range may give good direction.
CHART-II
  • NF Breaks the crucial support line in hour chart.
  • Price also violated 5600 mark.
CHART-I
  • Nifty futures trading near important support line.
  • Violation of this line can push nifty down to 5550 levels.
  • Getting support here means a rally towards 5750.
  • Nifty Futures 15 minutes chart with Fibonacci levels.
  • Price is getting support at 78.6% retrace level.
  • Break of this level can give a selling opportunity towards the recent low.
  • Getting support here may turn NF bullish in the short term.
  • BANK NIFTY ANALYSIS
  • Bank nifty has given  a bearish Engulfing candlestick pattern.
  • Price hits the resistance line shown in the descending channel post.
  • Bulls may try to form the right shoulder of an inverted head and shoulders pattern.
  • NIFTY DAILY ANALYSIS
  • First chart shows a target of 5550 Only if the recent lows are taken out.
  • If 5750 is taken out first we may not see new lows in the short term. A firm close above 5750 will target 5863 and higher.
  • Tuesday was a bearish engulfing day. We have to see if it shows its effects today. Normally this candlestick pattern is effective at the top of the trend.
  • GOLD NEAR SUPPORT LEVEL

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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