March 10, 2011

  • Trend line in daily chart is being tested.
  • Closing below the trend line will be negative for the bulls.
  • Price for now has paused at the 50 day moving average. 
  • Price sustaining below 50 dma will change the trend in favor of bears.
  • EURUSD Hour chart analysis

  • Eurusd hour chart is looking negative. Price is trending down in a channel.
  • Price will continue to move down as long as it sustains below 50 hour moving average.
  • 1.37 is an important support level. 
  • ES HOUR CHART BREAKS SUPPORT

CHART-II
  • ES did a retest of the broken support line as discussed below and has started falling.
CHART-I
  • ES Hour chart with broken support line acting as resistance.
  • An up move will be possible only if ES manages to cross 1310.
  • Big correction will take place once ES breaks 1296 level. 
  • If the support line of this expanding triangle is held we could see an intraday up move.
  • Breaking below the support line will be negative for the bulls and it could slip towards 5450 and 5400 levels.
  • 50 day moving average and the support resistance lines should give direction soon.
  • The fib chart shows what has been going on, price moving up and down between 23.6% to 38.2%. So a decisive close above or below these levels can give good direction.
  • According to fib levels we may get these targets, Close Below 5413 means price moves towards the recent low. Close above 5600 = 5677 and 5796. 
  • RELIANCE INDUSTRIES CHART

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