January 20, 2011

  • Silver has broken its support at 28.
  • Price has also broken below the trend line in daily chart.
  • Price sustaining below 28.06 will make it weaker and correction will become deeper.
  • Price getting back above 28.06 may help the bulls of silver.
  • EURUSD Daily chart with resistance level and stochastic indicator.
  • Pair staying below 1.3430 will make eurusd weak.
  • Stochastic is showing overbought levels. If the pair sustains below 1.3430 we may see the pair getting weaker.
  • S&P 500 FUTURES BEARISH ENGULFING PATTERN

BEARISH ENGULFING
TREND LINE SUPPORT
  • ES has formed a bearish engulfing pattern in its daily chart.
  • Now Bears should try to break the trend line drawn in daily chart for extending their gains.
  • Getting support on the trend line will give hope for the bulls to extend the primary trend.

  • Nifty Futures hour chart is showing a descending triangle
  • This pattern is a bearish one
  • But considering the oversold status of nifty this may breakout on the upside too.
  • One has to wait till price break the resistance or support line for taking a trade.
  • CNX IT continue to trade above the weekly trend line.
  • Front line it stocks like Infosys will continue to remain in up trend unless this trend line gets broken.
  • Day closing yesterday was above day low ema.
  • If nifty close below 5 day low ema again we may test the 200 dma and break it.
  • Fibonacci levels for the rise from 5350 to the recent high shows price breaking the golden ratio and is in between 78.6% and the golden ratio.
  • If price does not go above 61.8% soon nifty will test 5560 levels which is the 78.6%
  • Having said that stochastic and  MACD in daily time frame is hinting of a reversal any time.

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