March 11, 2011

  • ES Hour chart is trading near 50 hour moving average.
  • Maximum this bounce can go is till 61.8% fib level.
  • For now price has to sustain above 50 hour moving average and 38.2% Fib level.
  • SPX DIAMOND PATTERN

  • There is a band of support for NF between 5400 - 5420.
  • This area was violated once and NF went below 5300.
  • Next big correction can happen only if This support area gets broken.
  • TATA STEEL CHART


  • Tata steel shows a negative trend line break.
  • But major correction may happen only if price slips below the band of 584 - 594. This band includes the 200 day moving average.
  • BANK NIFTY TRIANGLE PATTERN

  • Bank nifty is moving up and down in a triangle pattern.
  • Right now price has hit the resistance line of the triangle.
  • A fall towards 10400 levels may take place if 10658 gets broken.
  • Breakout from the triangle can also give good direction. Being a triangle one should be careful of a false breakout.
  • Gold has broken the cloud in four hour time frame.
  • Bulls of gold will be under pressure if price sustains below the cloud.
  • 1400 is an important support level.
  • If 1400 is protected an up move into the cloud can be seen shortly.

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