February 9, 2011

  • Like ES spy too is doing a small rising wedge in hourly chart.
  • One can expect a correction if spy falls below 131.70 levels.
  • ES Four hour chart is showing a rising wedge pattern.
  • Price has given a negative break of the supporting trend line.
  • If ES breaks below 1313 and sustains below 1313 bears will extend gains.
  • If Price fails to break below 1313 we will see another new High for ES soon.
  • DOW JONES RESISTANCE LEVELS

  • The resistance line shown in 5 minutes chart is also a possible neck line of a small inverted head and shoulders pattern.
  • If 5309 is taken out by bears then the balance of power will shift towards bears and they will get stronger if day low(5263) breaks again.
  • Breaking above the resistance line and closing above this line may confirm a short term bottom for nifty futures.
  • RCOM DESCENDING TRIANGLE
  • 5350 too has gone without any big fight. Bears did it easily.
  • The broken level is also the golden ratio. So the next target is the 78.6% level at 5118
  • The RSI in weekly chart is slipping below 30% line again. This may give an oversold bounce.
  • EURUSD DAILY CHART ANALYSIS

  • Dow Jones monthly chart with Fibonacci levels.
  • Fibonacci levels for the fall from 14198 to 6469.
  • 12500 is near the 78.6% fib level which may act as the next resistance level.
  • SPX SUPPORT AND RESISTANCE LEVELS

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