April 20, 2011

  • ES 15Minutes chart with 50 period Moving average.
  • Price is moving in a range of 1324 - 1329 after the up move.
  • Price is approaching 50 period moving average. We may see an up move from this level. For the trend to continue 1329 has to be taken out by bulls.
  • Sustaining below 50 period moving average or 1323 will favor bears for a correction.
  • GOLD CROSSES $1500/oz
  • Gold has crossed $1500/oz
  • This move may not stop with 1500. 
  • Seeing the range of the pattern from which Gold has given the breakout one can expect higher target for Gold.
  • After a small retrace price may target $1550 and above.
  • SPY Hour has given a breakout from the channel.
  • But price has left a big gap in hour chart. We may see a partial filling of the GAP before price runs up again.
  • Bulls will be in trouble only if price falls back into the channel which is not likely to happen.
  • ES Daily chart is moving away from 50 day moving average. Last two candles are showing bullish momentum. But price is approaching resistance line of a triangle. It also looks like the neckline of an inverted head and shoulders.
  • 1336 and 1342 levels are resistances in daily time frame. Price has to sustain above these levels for the bullish momentum to sustain.
  • AAPL BREAKS THE CHANNEL
CHART-II
CHART-I
  • Nifty 5 Minutes chart with the Morning GAP and today's range.
  • Sustaining above 5806 will favor intraday Bulls.
  • Below 5782 the GAP will start to fade.
  • Nifty managed to close above 200 day moving average. Current correction is yet to close below 200 day moving average.
  • Price in weekly chart is staying above 20 week moving average. If sustains above this level we may see a rally. Falling below it will favor bears.
  • Important support zone for now is between 5654 - 5696
  • NIFTY WEEK IN A TRIANGLE PATTERN
  • Price closed near the high of the day and near 50 day moving average.
  • Hour chart too closed at the 50 Hour moving average. This moving average has acted as Resistance in the past.
  • For bulls to change the trend in hour chart, Price should close and sustain above the Channel formation.
  • AAPL Breaks the channel

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