March 1, 2011

  • SLV Hits the resistance line in daily chart.
  • If price gives a bearish candlestick pattern on this resistance we may see a correction.
  • Breaking above this line will keep the upward momentum intact.
  • SPY FIBONACCI LEVELS

  • Fibonacci levels in 15 minutes chart.
  • Price has taken support at 50% level for now. For an up move to happen price has to sustain above 38.2% level.
  • Breaking below 50% will lead to 61.8% Fib level.
  • Moving averages for ES are aligned bullishly in hour chart. 20 hour moving average is back above 50 hour moving average. 
  • If price sustains above 20 hour moving average bulls can extend the gains.
  • Dip in prise may get supported by the 50 hour moving average.
  • ES hour is also showing a channel formation which is also supporting bulls.
  • For bears they should try to break the 50 hour moving average for creating a good shorting opportunity.
  • DOW JONES ANALYSIS

  • Reliance industries is not able to sustain above its 50 day moving average.
  • Only a strong close above 50 DMA can give upward momentum for the stock.
  • Stock is stuck between its 38.2% and 61.8% Fibonacci levels. Violation of these levels on closing basis can give good direction.

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.

Followers

Blog Archive

Powered by Blogger.

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