February 8, 2011

  • SPX Hour chart with support and resistance levels.
  • 1308 may act as support in case of a correction.
  • 1322 - 1323 level is acting as resistance.
  • The rising trend line in hour chart is also giving good support for bulls as of now.
  • EURUSD DAILY CHART ANALYSIS


  • Price is approaching the apex of a consolidation pattern in daily chart.
  • One can expect good movement out of this pattern.
  • Price is trading above 50 day moving average which will favor the bulls of eurusd.
  • Important levels in daily chart is 1.3507 and 1.3860
RISING WEDGE OF EBAY
  • EBAY has hit a resistance line of its rising wedge in weekly chart.
  • If price starts to comedown from here it may come down till the support line of the rising wedge shown in first chart.
  • Daily chart looks strong with price trading above 20 and 50 day moving averages.
  • 20 dma has given a bullish cross above 50 dma.
  • Price sustaining above 31.64 will favor bulls of EBAY.
  • If price falls below 31.64 the rising wedge in weekly chart will play out.
  • SPY TECHNICAL ANALYSIS
  • ES 30 minutes chart with support and resistance levels.
  • 1319.75 is the resistance level
  • 1313.25 may act as support in case of a correction.
  • Larger movements may unfold if this range gets resolved.
  • QQQQ SUPPORT LEVELS

DAILY CHART
  • Crude oil daily chart is testing its trend line in daily chart.
  • Price in hour chart is trading well below its 50 hour moving average.
  • If price sustains below the trend line crude may target 84 levels in the coming weeks.
  • Price moving above 50 hour moving average may change the balance in favour of the bulls.
  • SPY TECHNICAL ANALYSIS

CHART-II
  • Bulls getting some help from the support line.
  • Intraday Bulls will feel safer if price remains above the red dotted line shown in the above chart.
CHART-I
  • Trying to save the intraday bull.
  • If that support line breaks the above chart will look meaningless
  • Correction will continue.
  • Getting above the dotted line can give a rally towards the resistance line.
  • State bank of india is showing a triangle pattern in daily chart.
  • Breakout of triangle should take out the support and resistance levels mentioned in the 2nd chart to give bigger profits.
  • First chart is the weekly chart of nifty with oversold stochastic levels.
  • Weekly stochastic may give a bullish cross that can result in a bounce for nifty.
  • Daily chart shows crucial support and resistance lines for nifty.
  • SILVER CHART ANALYSIS: CLICK HERE
  • QQQQ Hour chart with the breakout area.
  • Hour chart gave a breakout above 57.27 level recently.
  • Today Price has pulled away from that level. Now if there is a correction 57.27 level may act as support. Break of this level will attract selling and a good correction may happen.

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