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

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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