January 29, 2011

  • Daily chart of MSFT shows price testing the 50 day moving average.
  • Momentum of price is favouring bears. If stock closes below 50 dma direction will favour bears in the short term.
  • Weekly chart shows important support area near 27.40. Price is testing this level. Closing below this level will take price towards the weekly trend line.
  • US DOLLAR RISES FROM THE GOLDEN RATIO

US DOLLAR DAILY CHART
EURUSD DAILY CHART
  • US Dollar and EurUsd daily charts with the golden ratio(61.8%) Fibonacci level.
  • US Dollar took support at the 61.8% Fib level while for Eurusd it acted as resistance.
  • Now for the Dollar to rise it should cross the 50% level and close above it which will confirm a short term reversal in US Dollar price and this means negative outlook for EURUSD.
  • Nifty daily chart showing bears extending gains below 200 DMA. 
  • Line chart is showing a possible reversal area from near 5490 levels
  • MACD is showing slight positive divergence but price is yet to confirm.
  • Bears will be happy to see yet another bearish engulfing in weekly chart.
  • TATA STEEL ASCENDING BROADENING WEDGE

  • 1273.50 Is an important level in daily chart.
  • This level may give support as this acted as a resistance area in the past.
  • But if bears manage to break and close below this range, Things will favour bears in the short term.
  • APPLE HOUR GIVES A SELL

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.

Followers

Blog Archive

Powered by Blogger.

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