March 7, 2011

  • Apple hour chart with 50 hour moving average
  • Price is testing 50 hour moving average. If price sustains above it we may see an up move. Breaking this moving average will extend gains for bears.
  • Today's down move started when price broke down from a small rising wedge pattern in hour chart. 
  • THE GOLDEN CHANNEL

  • Gold four hour time frame with channel formation.
  • Price is moving up smoothly inside the channel. Bears will have a chance only if they manage to break the channel.
  • As long as price remains above the cloud bulls will be safe to hold on to the long positions.
  • ES 30 Minutes chart with support and resistance lines. Violation of these lines may give good direction.
  • Hour chart is shown with the recent high low and important high and low points.
  • Break of 1311.25 may push ES towards 1296.
  • Break above 1325.75 will move price towards 1335 level.
  • SPY WEEKEND UPDATE

  • Tata Steel is trading close to its support and resistance line.
  • Line chart of daily time frame shows price taking support at higher levels. So one can expect an upper breakout to happen.
  • If the supporting trend line gets broken on closing basis we can expect good correction in this stock.
  • BANK NIFTY TECHNICAL ANALYSIS

  • RIMM Daily chart shows a triangle shaped consolidation which can give good direction on a breakout.
  • Weekly chart shows price moving up in a narrow channel.
  • Considering the trend of the stock an upper breakout in daily chart will extend the gains for bulls.
  • SPY WEEKEND UPDATE

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