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 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.
  • 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.

  • 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.

  • 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.
  • 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.

  • 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.
  • Apples ascending triangle gives a good run for the bulls.
  • Price has hit the target given IN THIS POST


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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