February 3, 2011

CHART-I
  • Silver has moved close to 29.50 which was the first target discussed in the blow chart for the trend line breakout.
  • If it does not face too much resistance here the second target is also possible.
CHART-I
  • Silver has given a breakout above its resistance line.
  • If the breakout holds it can target for 29.50.
  • Getting back below the broken trend line will be negative.
  • TRIANGLE BREAKOUT - GOLD

  • SPY Four hour chart is trading near the gap
  • The unfilled GAP is between 128.68 - 129.39
  • Next chart shows the Fib levels. If spy retraces till the golden ratio the Gap will be filled.
  • If price does not get below 38.2% again this gap will stay unfilled for some time.
  • SPX CHARTS

  • ES Hour chart with 50 hour moving average.
  • Price is moving sideways with negative bias. Price is consolidating like a bull flag pattern.
  • But price has fallen below 50 hour moving average which is bearish.
  • GOLD TRIANGLE PATTERN

CHART-III
  • Gold hits 1348 as discussed below. and now its the time for the inverted head and shoulders pattern to take over from the triangle.
  • Sustaining above 1350 gold should extend gains .
  • GOLD INVERTED HEAD AND SHOULDERS PATTERN
CHART-II
  • Triangle has given breakout on the upside.
  • Initial target will be 1348 if the breakout is not a whipsaw.
CHART-I
  • Gold Four hour chart is showing a triangle pattern.
  • The triangle is the right shoulder of a possible inverted head and shoulders pattern.
  • So an upper breakout will favour bulls for a target of 1348 bigger gains will happen if price sustains above 1348.
  • Break of support line will favour bears for  1314 and 1307.
  • Nifty Futures 5 minutes chart in a consolidation pattern.
  • Upper breakout should close above the resistance line of this pattern for the bullishness to continue.
  • Break of support line can give another correction.
CHART-II
  • Today's up move is followed by sideways action till now.
  • Range of 5505 - 5537 should resolve for further movement to happen.
CHART-I
  • Nifty futures 5 minutes chart with support levels.
  • 5505 should be defended by the bulls for keeping the bullishness intact.
  • Breaking below 5505 will give opportunity for a bearish trade. 
  • If we draw fibonacci levels for nifty's rise from 4786 to 6338 then the 61.8% Fib ration comes near 5378. This area is yet to be tested.
  • 5350 - 5380 will act as good support zone. If this support zone is broken then the next one is at 5117 which is the 78.6% Fib level.
  • Nifty weekly chart is shown with 50 week moving average. We have the first candles forming below this moving average. If the market is to go up bulls should try to close above this moving average. Staying below this level increases the risk of a bigger fall waiting to happen.
  • GOLD INVERTED HEAD AND SHOULDERS PATTERN

  • 30 Minutes chart shows a megaphone pattern. Price at the upper end of the pattern is in consolidation mode. 
  • Hour chart is also trying to create a bearish pattern a rising wedge.
  • But the weekly chart shows the effects of two bearish candles being erased by the weekly bullish candle.
  • GOLD INVERTED HEAD AND SHOULDERS PATTERN
  • ES is trading in a range 1297.75 - 1305.75
  • Price is showing a small consolidation pattern within this range which can give an early indication of the larger move.
  • GOLD INVERTED HEAD AND SHOULDERS PATTERN

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