September 30, 2011

CHART-II
  • Up move did not last long as the trend in higher time frames are down. Price got resisted and closed near the bottom of the channel.
CHART-I
  • Hour is moving up from oversold levels.
  • Price is moving towards the resistance line of the channel
  • for bears price should stop at the resistance line. Breaking above the resistance line may extend this up move.
  • Price not able to close above 20 Day Moving average.
  • Price falling below 114 will increase the risk of a breakdown for bulls.
  • 110.27 is the final support before the big fall. Price taking support and closing the day above 20 Day sma may give hope for bulls.
  • Indicators like MACD and Stochastic are in neutral territory because of the range. 
  • Nifty is in the middle of the range with both bullish and bearish possibilities.
  • Price closing above 50 Day Moving average will favor bulls.
  • Falling below 4900 will be negative for bulls.
  • Bullish engulfing and closing above 5 day high ema Needs follow up buying as nifty is in the middle of the range.
  • GOLD SUPPORT AND RESISTANCE LEVELS
  • AAPL Hits 50 day moving average.
  • For bears breakdown may happen below the trend line. 
  • If price does not violate 50 SMA we may see a bounce in favor of bulls.
  • TRIANGLE OF ES

September 29, 2011

CHART-II
  • Triangle support line is violated. Breaking below 1141 will extend profits for bears.
CHART-I
  • Hour chart of gold shows a range 
  • 100 Hour SMA is acting as resistance.
  • Price breaking above 100 hour SMA will take gold to the top of the range.
  • Bigger up move possible if the range is violated on the up side.
  • Unable to break above 100 Hour SMA will favor bears of gold.
  • GOLD RESISTANCE LEVELS IN WEEKLY CHART
CHART-II
CHART-I
  • NF is still inside the range shown yesterday.
  • Price testing the top of the range. Price sustaining above 4995 may lead to a bigger rally.
  • Getting resisted here will result in a pull back.
  • Last two attempts to stay above 20 day SMA has failed.
  • Weekly chart is shown in important support level which is between 1100 - 1120.
  • Price falling into this level may result in another bounce.
  • For bears they need to break the support line shown in weekly chart.
  • Monthly chart too shows Price taking support @ 50% Fibonacci level. So price is near a crucial support level right now.
  • DESCENDING TRIANGLE OF ES
  • Up move in us dollar may continue only when a weekly candle closes above 200 Week moving average.

September 28, 2011

CHART-II
  • Descending triangle has broken the support line. So far its looking good for bears. This may go down till 100 Hour SMA. More pain for bulls if that level does not hold
CHART-I
  • Break of support line may give good short trade for bears.
  • Breaking above the resistance line will negate the bearishness of this pattern.
  • I hope for bears it works well like the previous Descending triangle shown in this chart.
  • Price staying above 50 Hour moving average will favor bulls of SPX
  • Break of these support or resistance lines may give good direction.
CHART-I
  • Range mentioned below has held for the day.
  • Price may move towards the upper end of the range from here.
CHART-II
  • NF is in a 90 point range.
  • Price is near the lower end of the range.
  • Larger move will be possible only after this range gets resolved.
  • On the down side price has to stay below the small GAP for bigger falls to happen.
  • Staying the dotted trend line may favor bulls.
  • Immediate resistance levels for nifty are 20 day SMA, 61.8% Fibonacci level and channel resistance. Closing higher by negating these resistances will shows strength.
  • Price staying below 4963 will be negative for bulls.
  • SILVER RESISTANCE LEVELS
  • GOLD RESISTANCE LEVELS
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • 50 Day SMA is looking like a strong resistance level. Price reversed before approaching this moving average.
  • Hour chart has closed above 50 Hour moving average. Chart looks overbought in hour time frame. if price slides below 50 hour moving average we may see a bigger fall.
  • The way price violated and closed below 20 day moving average shows weakness at higher levels. Bullish strength will be visible only if price is able to close above 50 Day SMA.
  • GOLD RESISTANCE LEVELS
  • SILVER RESISTANCE LEVELS

September 27, 2011

  • Weekly chart of silver with possible resistance levels.
  • 50 Week moving average which was broken may act as resistance.
  • 33.90 is an important support in weekly chart which was broken this may also act as resistance.
  • So for bulls of silver has to sustain above these levels to continue this pull back.
  • GOLD RESISTANCE LEVELS
  • First chart is gold daily time frame with 100 day SMA. Price should close and sustain above it for the reversal to continue.
  • Second chart is the weekly time frame with the channel. Price is hitting the channel top line. Price should stay above this channel if it is to make another big up move.
  • For bulls the daily candle with long shadow should act as a long term support level. Corrections into the Shadow of this candle may get buying support.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • SBI is approaching resistance line again.
  • Last hit at the resistance line gave a nice short trade.
  • We shall wait for negative candles near the resistance line for going short.
  • One should also keep in mind the bullish possibility too as daily time frame is trading above 20 day moving average Hence breakout can be used to go long.
  • Nifty was resisted at day low EMA yesterday.
  • Today Nifty may get a GAP up because of the world markets. Day low ema and 38.2% Fib level may get tested.
  • Bullish strength can be confirmed only on closing above these levels.
  • Getting corrected and closing below Day Low EMA again will favor bears.
  • If bulls are able to sustain above 1164 they may be able to target 20 day moving average and 38.2% Fibonacci level.
  • Immediate resistance is the 50 Hour moving average then in daily time frame a falling 50 day moving average will be tough to cross. Ichimoku cloud too looks strong in daily time frame.
  • SILVER BOUNCED FROM 100 WEEK SMA
  • USO Hits and reverses from the support level.
  • Next big fall will happen only when price breaks below 30.23 level.
  • If the current up move continues price will try to fill the GAP above 31.83.

September 26, 2011

  • SPY Daily chart is shown with the broken support line which may act as resistance.
  • Hour chart shows the GAP getting filled in a possible bearish flag kind of pattern.
  • Having said that if price starts to trade above the GAP and the broken support line Bulls will gain strength.
  • CRUDE OIL WEEKLY FIBONACCI LEVELS
  • Crude oil is correcting the rise from 67.14 to 114.82 levels.
  • Price correction has reached 78.6% which is near 77.30 levels.
  • If this level holds we may see an up move in Crude oil. Breaking this level on closing basis will favor bears crude oil.

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