February 21, 2011

  • IWM Weekly chart with the channel formation.
  • Price is trading in the bullish part of the channel and heading towards the resistance line of the pattern.
  • Next major resistance is seen at 86.05.
  • above 86.05 price will hit the resistance line of the channel.
  • Price will favor bears only if it trades below the middle line of the channel formation.
  • APPLE WEEKEND UPDATE

  • Nifty has both bullish and bearish possibilities at the moment.
  • Nifty daily candlestick pattern shows a bearish engulfing pattern.
  • Hourly charts are showing a possible inverted head and shoulders pattern. Both pattern needs confirmation before one trade based on them.
  • Nifty got resisted before reaching its 200 dma. price also closed below 20 dma.
  • At the moment price stands between 23.6% and 38.2% Fib level. Break on either side can give a good trade.

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