November 30, 2011

  • Gold is nearing the resistance line of the triangle pattern in daily chart.
  • Any weakness seen at the resistance line will be an opportunity to go short. Long trade only on a convincing breakout from the triangle pattern.
  • Resistance lines in daily time frame and  Four hour time frame.
  • Price getting resisted by the the resistance line in four hour time frame is low because of the high momentum of price But the resistance line in daily time frame may be tough to cross. Look for weakness at these resistance line in the form of Doji or bearish candles before going short.
  • COPPER BREAKOUT
  • Copper has given a breakout above the resistance line in four hour chart.
  • 3.5735 may act as resistance. Breaking above it can take copper to 3.7398 levels.
  • ES got support from 50 period SMA. Price may move towards 200 period SMA.
  • 50% Fib level is acting as resistance moving above it may take ES to the Golden ratio.
  • S&P 500 ANALYSIS AFTER CLOSING BELL


  • Reliance daily charts are looking oversold. But weekly indicators are yet to bottom out and shows possibility of more downside to come.
  • We may see an oversold bounce from daily charts which might give good shorting opportunities at higher levels.
  • Stock will be under pressure till the weekly stochastic bottom out. 

  • Up move of SPX was halted near 50 Day Simple moving average.
  • One hour chart shows a bullish pattern.
  • For bulls good up moves will happen once they are able to cross 50 Day SMA on closing basis. Price hitting resistance at this level will be negative for bulls.

November 29, 2011

  • Apple staying above 200 SMA will favor bulls of apple.
  • If price stays above the resistance line drawn in 2nd chart MACD indicator will give a buy signal soon which can take stock towards its 50 Day SMA.
  • So longs are safe above 200 SMA.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • ES Four hour chart has broken above 50 period SMA.
  • Next level to watch out are 61.8% Fib level and the 200 Period SMA of four hour time frame.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • For bears price should break below the 50 Hour moving average and the trend line in hourly chart.
  • Gold daily is consolidating in  a triangle pattern. Right now price is doing a corrective up move towards the resistance line of the triangle pattern. Clear up or down move will emerge only once price gets out of this triangle pattern. 
  • see MCX Gold chart below this post.

  • If the recent low is not broken we might see this up move extending towards the resistance line of the channel. That is how price has behaved in this channel so far, so the cycle may get repeated again. But a word of caution for bulls is that price has not hit the channel bottom yet.
  • If it is going to be a corrective up move dips will be opportunities to buy as long as price does not retrace too much. Price Closing above 5 Day High EMA and Week Low EMA will help bulls.
  • S&P 500 EOD UPDATE
  • Daily chart shows price taking support at the golden ratio.
  • 50 SMA and the broken support levels may act as resistance levels. Closing above 50 Day SMA will strengthen bulls.
  • Hour chart shows a possible IHNS pattern getting formed with neck line at 1198.50. Breakout can take SPX towards 1215-1220 resistance band. 
  • CRUDE OIL ANALYSIS

November 28, 2011

  • Crude oil Daily chart is shown with a consolidation pattern after an up move. So this can be a bullish consolidation pattern. But it is also shaping like a Descending Triangle which is bearish. With the bearish weekly candle at the top short term can be negative for crude oil.
  • Important support level is between 94 - 95. Breaking and daily candle closing below this level may lead to a bigger correction. Bears need four hour time frame to sustain below the cloud which may result in a fall.
  • SPX BOUNCES FROM GOLDEN RATIO
  • SPX Daily is reversing from golden ratio Indicators too were in oversold territory.
  • If price sustains above 1185 - 1190 levels it may target 1215 - 1220 levels in the coming days.
  • ES Four hour chart with 50 period SMA and 38.2% Fib level as resistance areas. Crossing this level will strengthen bulls further. Getting resisted here may result in a pull back towards 20 period SMA shown in first chart.
  • SPX WEEKEND UPDATE
  • APPLE WEEKEND UPDATE
  • Copper is moving up towards the resistance line.
  • Four hour chart also shows 200 period SMA which may act as resistance.
  • Bigger up move can only happen if price takes out the above mentioned levels.
  • See copper MCX chart below this post.

    • If 4639 is protected and price moves up above 4750-70 level on closing basis we might see good up moves in favor of bulls.
    • Price breaking below 4639 will resume the down move.
    • S&P 500 FUTURES UPDATE

    • Four hour chart shows price violating 20 period SMA. This time price action looks good for bulls. Hour chart also shows price above Ichimoku cloud. 
    • Four hour candle closing near the High will confirm this bullishness.
    • SPX WEEKEND UPDATE



    November 27, 2011

    • APPLE Daily is near 200 SMA
    • Indicators in daily chart is showing oversold readings.
    • Price is yet to confirm a reversal. Last chart shows a falling wedge like pattern which should help bulls if price breaks and closes above the upper trend line.
    • Price sustaining below 200 SMA and breaking below the weekly trend line will be negative for apple.
    • SPX WEEKEND UPDATE
    • Weekly chart shows possibility of the correction continuing. Daily chart is calling for a bounce from oversold status with price calling at the Golden ratio. But for any turnaround price has to confirm by giving a higher close in hourly charts At the moment price rending down below 20 Hour SMA which should help bears to extend this fall.

    November 25, 2011

    CHART-II
    • ES could not move above the hourly cloud. Looks like the reversal attempt is about to fail.
    CHART-I
    • ES Four hour chart shows price testing 20 Period moving average. Bulls need price to close above this level for turning the trend.
    • One hour chart shows price pausing at the Hourly cloud. Bulls need a cloud break to turn the trend in their favor. Failing to close above the cloud will be negative for bulls.
    • This bounce was started from the Golden ratio in daily time frame So that level has to be held for a short term bottom to be in place.
    • ES FIBONACCI LEVELS UPDATED

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    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