March 16, 2011

  • EURUSD shows higher lows being formed in hour chart.
  • For a bullish break to happen 1.4050 level should be broken on a closing basis.
  • Breaking the supporting trend line will favor bears of EURUSD.
  • ES Hour chart is showing support at 1265.75.
  • For an up move to happen bulls should break the trend line and Ichimoku cloud on closing basis.
  • ES FIBONACCI LEVELS

  • Nifty futures daily chart with resistance line.
  • Price today tried to break above the resistance line but has found resistance at the line.
  • Up move from here will be possible only if this line is broken. And 50 day moving average which is also near this resistance line.
DAILY CHART
DAILY CHART
WEEKLY CHART
WEEKLY CHART
DAILY CHART
  • Reliance gave a good range breakout trade this week. Yesterday's dip in the morning gave another good entry too.
  • For now the stock remains above 50 and 200 day moving averages which will favor the bulls of reliance.
  • Weekly chart shows MACD positive cross over, Stochastic is trending up which should give some more up ward momentum for the stock.
  • But as mentioned in the last 2 charts, Price should hold on to 61.8% Fib level and also stay above the resistance line drawn in daily chart for continuing this upward momentum.
  • RELIANCE RANGE IN HOUR CHART BEFORE BREAKOUT

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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