February 14, 2011

  • Apple hour is moving up in an ascending channel formation
  • But Stochastic indicator is hinting of a possible correction towards the support line of the channel.
  • If price takes out the recent high another up move towards the resistance line can be seen
  • CUP AND HANDLE PATTERN OF GOOG

  • ES Hour chart with a rising resistance line that is acting as resistance at overbought levels. Break above 1330.25 will take ES to the resistance line once again.
  • Support levels are at 1322.25 and 1308.50.
  • GOOGLE CUP AND HANDLE PATTERN

CHART-II
  • NF Closed above the resistance line mentioned below. NF may target 5510 levels from here.
CHART-I
  • Nifty Futures swings in favor of bulls.
  • But has it the resistance line. NF will face its first line of resistance at 5540 level. 
  • Closing above this level will keep the bullishness intact.
  • NIFTY WEEKEND UPDATE
  • Price of DLF is at a crucial place. It is near the down trend line which acting as big resistance for the stock.
  • Breaking above this line can give a good bounce for this stock.
  • But as shown in the next chart any bounce above 20 DMA is not sustaining.
  • So once should watch the Fib level carefully. If price sustains above 38.2% (246.4) we may see an initial rally towards 256 (50%) Fib level and then towards the 50 Day moving average.
  • Price action of DLF suggests that many people are long from 214 levels. They should keep trailing stop loss in order to lock in profits. 
  • NIFTY WEEKEND UPDATE
  • There is a Cup and Handle pattern forming in Google's weekly chart.
  • Price is getting support from 20 week moving average. Sustaining above this moving average will result in a breakout.
  • Breaking above 630 and sustaining above this level may give the cup an handle effect to google.
  • Considering the size of the pattern a successful breakout can give good upward momentum for the stock.
  • CISCO WEEKEND UPDATE

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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