August 31, 2011

CHART-III
CHART-II
CHART-I
  • ES Five minutes in a triangle pattern.
  • We may get a short trade because of the resistance line in bigger time frame shown in the previous post.


FOUR HOUR CHART
FOUR HOUR CHART
  • ES Hits the resistance line in hour chart.
  • Price is also facing 200 Period moving average in Four hour time frame.
  • So price may take a dip here before moving up again.
  • Price in daily chart has hit the upper bollinger band mentioned in the earlier post of es.
  • ASCENDING TRIANGLE OF SILVER
 
  • ES Hour chart shows support levels at 1201 and 1193
  • 50 Hour moving average may also act as support.
  • Price in daily chart is moving towards the upper bollinger band
  • Hour chart also shows a possible resistance line. If price moves up this resistance line in hour chart and bollinger band in daily time frame may act as resistance. So resistance will be around 1229 level approximately.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • ASCENDING TRIANGLE OF SILVER
  • If it is going to be an upper breakout which is what ascending triangles tend to do, then price should sustain above 200 Hour moving average
  • Second chart shows price getting resisted at 200 Hour moving average.
  • If price continues to get resisted we may see a breakdown from this triangle pattern in favor of bears as well.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Weekly and daily chart suggest that we are into a resistance zone between 1219 - 1227 area.
  • Daily candle that has appeared on SPX looks slightly doubtful for bulls. But no worries for bulls as long as 20 DMA is protected.
  • Hour chart too looks good as price holds above 200 Hour moving average. Except for the price action of the final hour which looks like a shooting start pattern which may be slightly negative. But if price correction holds above 200 hour sma then Bulls should be fine.

August 30, 2011

  • Triangle breakout of crude oil has gone well till now for the bulls of crude oil.
  • Price is testing the resistance level mentioned in the earlier posts.
  • Staying above 88.98 will favor bulls of crude oil. Getting resisted here may result in a correction.
  • Price in hour chart is near resistance level and 200 Hour moving average. So it is a confluence of resistance and it will take a really strong bull to breakout above this level. Price staying above 200 Hour moving average will change the structure in favor of bulls.
  • Price continue to stay above 50 Hour moving average. Any weakness will be visible if price starts to trade below 50 Hour moving average.
  • CRUDE OIL TRIANGLE BREAKOUT
FOUR HOUR CHARTS
  • Bulls shall try to keep the price above 1206.75 level for continuing this up move.
  • Price is retesting the resistance line of the triangle from which it gave a breakout. If price falls into the triangle pattern that will be bad news for bulls.
  • Four hour chart also shows a bearish flag like consolidation after the big fall. Mostly these type of patterns that accours after a big down move gives a bearish breakdown.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

UPDATED CHART
  • Silver triangle mentioned below has given a breakout on the upside. But the resistance of 41.74 is not taken out yet. This has to be crossed by bulls of silver to extend this up move.
CHART-I
  • Silver is still inside the range 39.98 - 41.74
  • But price has formed a small triangle pattern within this range.
  • Triangle breakout along with range breakout may give good direction.
CHART-I
  • Nifty four hour chart is finding resistance at 50 Hour moving average.
  • 5 Minutes chart shows the range.
  • Price sustaining above 5000 will make the bulls stronger.
  • Weakness only if price stays below 4927
  • Nifty Four hour chart with ichimoku cloud shows price staying above the cloud which favor bulls.
  • Price also need to move above 50 Period moving average in this time frame which will strengthen this up move.
  • Price staying below 50 Period moving average will be negative.
  • NIFTY has given a good relief rally for bulls.
  • But one of the biggest gaining days has given an average volume candle. 
  • Price has to close above 5 day high ema for follow up strength which may then target 20 day moving average.
  • MACD lines are converging so nifty bulls may get some more points out of nifty if it manage to give a buy signal.
  • We saw Positive divergence developing on friday which lead to this bounce: NIFTY POSITIVE DIVERGENCE
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • GOLD RESISTANCE LEVELS
  • CRUDE OIL TRIANGLE BREAKOUT
  • S&P 500 Closed above its 20 day moving average.
  • Price gave a breakout from the triangle pattern. But price has to sustain above 1208 levels for the triangle to give good profits for Bulls.
  • S&P 500 Fib levels shows price closing above 38.2% Fib level. If this level is protected then SPX may move towards its 50 Day Moving Average and 61.8% Fib level. Which is approximately near 1250 levels.
  • GOLD RESISTANCE LEVELS
  • GOLD reversal could not sustain above 200 Hour moving average.
  • Four hour chart shows resistance at 1814 to 1828 levels.
  • CRUDE OIL TRIANGLE BREAKOUT
  • SILVER RESISTANCE LEVEL
  • MSFT BUY SIGNAL

August 29, 2011

  • SPY is reaching the top of the trading range
  • Bulls has to stay above 121.20 level and 50 Period moving average for four hour time frame for continuing this bounce.
  • SILVER RESISTANCE LEVEL
  • CRUDE OIL TRIANGLE BREAKOUT
UPDATED CHART-2
CHART-1 BEFORE BREAKOUT
  • Crude oil has given a breakout from the triangle pattern.
  • Price has to cross 88.98 levels for a sustained up move to happen
  • Otherwise we may see a busted triangle pattern.
  • SILVER RESISTANCE LEVEL
  • SILVER is moving around its 200 Hour moving average.
  • It is in a small range of 39.98 - 41.74
  • We may see a good move when the above mentioned range gets resolved.
  • GOLD MOVING UP AGAIN
  • ES Hour is staying above 50 Hour moving average and cloud.
  • Important numbers for today are 1188.50 and 1206.25
  • One the way down it is the 50 Hour moving average.
  • Price for now is in the bullish area But it remains inside the trading range. Trending move will happen after the range breakout.
  • S&P 500 WEEKEND UPDATE
  • MSFT BUY SIGNAL
  • TRIANGLE OF US DOLLAR
  • Its a descending triangle in US Dollar.
  • Price is also staying below its 100 and 200 SMA.
  • Breaking below 73.51 will be negative for US Dollar.
  • S&P 500 WEEKEND UPDATE
NIFTY HOUR CHART
  • Having crossed the 50 Hour moving average if nifty manage to close this day above it bulls may target 4946 and 4965 levels. Bulls shall stay above these levels for changing the bearish structure in hourly chart.
  • Nifty spot is moving towards the 50 Hour moving average line.
  • Bulls have tired and failed many times at this level.
  • They have to an hourly close at least to show some strength.
  • Nifty has to stay above this resistance line if it is to move up further.
  • Getting resisted here will be negative for the bulls.
  • NIFTY HOUR CHART WITH 50 SMA: CLICK HERE
  • SBI is testing important support level.
  • Support level is between 1868 - 1905.
  • There are no reversal signs yet so we have to wait and see if we are going to see a reversal candle here.
  • The channel of SBI shows some more down side for the stock before it can hit the bottom support line of the channel.
  • If it hits the channel bottom we can definitely see a reversal trade from there. If it is going to turn before hitting the support line then we have to look for daily reversal candles to initiate trade.
  • NIFTY WEEKEND UPDATE
  • BANK NIFTY WEEKEND UPDATE

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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"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