April 7, 2011

  • SPY 5 Minutes chart is showing a triangle formation.
  • Breakout or breakdown should take out levels mentioned in the chart for bigger movements to happen.
  • Breakdown level is 132.67 and resistance level is at 133.63
  • ES Hour chart with 200 Hour moving average.
  • Dip in price took support exactly at 200 Hour moving average.
  • So Bears must break this moving average on closing basis for changing the trend.
  • Google daily chart with 50 and 200 day moving averages. Price seems to be moving withing these two moving averages. So a bigger move will happen once this range gets broken.
  • Next daily chart shows a descending triangle kind of pattern. One should look for a breakout from this pattern and confirm it with a break above 50 or below 200 to enter a positional trade.
  • Today is the first birthday for my Blog: CLICK HERE TO SEE THE BIRTHDAY POST
  • ES Hour chart is moving in a sideways channel.
  • Price in hour chart is still above 200 Hour moving average which favors bulls.
  • Today is the Birthday of my blog: CLICK HERE TO SEE THE BIRTHDAY POST
  
  • I started this blog on April 7 2010 (MY FIRST POST). 
  • I was a frequent visitor to JUST NIFTY and liked Masters Dedication and Knowledge of the Market which inspired me to start my blog.
  • I have to Thank Ilango Sir for being the first one to comment on my blog, Which inspired me then to continue, and sometimes when my traffic goes down i use to visit my first post which gives me strength to go on. Thank you sir.
  • Thanks to all JN Friends for the support. 
  • Thanks to all my Blog partners. Special thanks to Tim Knight of Slope of Hope and Red Drago Leo.
UPDATED CHART
  • 5870 Looks like an important level for bulls and bears.

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