February 10, 2011

  • Daily time frame shows cisco getting resisted exactly at the 200 DMA.
  • An effort to close the previous gap was on but 50% Fib level and 200 dma could not be crossed.
  • Weekly chart shows a bearish flag kind of breakdown. So if the lows are broken on closing basis we may see much more downside for cisco in the coming weeks.
  • Weekly close below 19 will strengthen the bears more. We may see 17 levels if 19 is not protected by bulls on closing basis.
  • RUSSELL 2000 RESISTANCE LEVEL

  • Russell 2000 hour chart with resistance level.
  • 813 level is acting as resistance.
  • Price is trading near that level again getting resisted here will give a correction.
  • So far price has shown good upward momentum. If Price breaks out and sustains above 813 levels it may target 820.
  • Getting resisted at 813 will favor bears.
  • GLD CHART ANALYSIS
  • ES Hour chart with support level and Fibonacci levels.
  • Price has taken support at 1310 shown in one hour time frame.
  • 1310 is also near the 38.2% Fib level of the rise from 1291.50 level to the recent high.
  • Getting support here can take price to 1313 and 1315 levels.
  • Breaking 1310 will target 1307 and 1304 levels.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • If nifty takes support some where near the current levels the 4800 level will take time to reach. So traders are suggested to consider the immediate support and resistance before taking a position.
  • RCOM DESCENDING TRIANGLE UPDATED

  • The descending channel of bank nifty shows how perfect the down trend is. 
  • Price broke another important support at 10470 this week.
  • Candlestick pattern shows a possible reversal in coming days, But this needs confirmation a lower opening followed by a lower close will spoil the hopes of bulls. While a high opening can keep the hopes alive.
  • Any up move from here will find resistance at 10470 level. So a bigger up move will unfold only when this level is taken out.
  • RCOM DESCENDING TRIANGLE
  • SPX is trading in a range of 10 points from 1314 - 1324
  • Price is trading close to the resistance line in weekly chart as shown in second chart. So breakout from current levels may not give bigger gains.
  • Price is trading with negative divergence that is yet to give a major correction for quite some time now. So price confirmation by breaking the trend line will give a good short trade in the coming day's.
  • IMPORTANT RESISTANCE LEVEL FOR DOW

  • GLD is approaching its 50 day moving average.
  • Price is also getting resisted at the 50% Fibonacci level for the recent fall.
  • So a close above 50 DMA and break above 50% and 61.8% can continue the bullish trend of GLD
  • Getting resisted at 50 DMA will favor bears for a down move.
CHART-I
  • Apples ascending triangle gives a good run for the bulls.
  • Price has hit the target given IN THIS POST

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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"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