March 14, 2011

CHART-II
  • Breaking 1278.50 will extend gains for bears. This level may act as a support area as well.
CHART-I
  • ES hour chart is showing a triangle shaped consolidation.
  • This one can give more than 10 points towards the breakout provided there is no false breakout.
  • Price in daily chart is trading near its 200 DMA, So if price touches the 200 DMA we may see a bounce from this moving average.
  •  Price in weekly did violate the trend line, But has managed to stay above it form now.
  • Daily chart is trending down in a channel. So a change in trend may be visible once the resistance line of the channel gets broken on closing basis. 

  • First chart shown is the range of bank nifty in weekly Time frame. This range should be resolved for a convincing move to happen.
  •  2nd chart shows a possible Diamond pattern in daily chart. This pattern is know to be bearish. But Remember A Diamond can make a bottom formation as well. So go short only if the support line of the Diamond breaks.

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