May 10, 2011

  • SPY Hour chart has an ascending Triangle pattern.
  • Price sustaining above 135.66 May give a rally for bulls.
  • Breaking support line will favor bears.
  • ES Hour is near the resistance line of a consolidation triangle pattern and its 200 Hour moving average.
  • Price if sustains above both these levels Bulls may get a rally in their favor.
  • If gets resisted price will fall fast because of the confluence of resistance.
  • AAPL Descending Triangle pattern
  • Bulls are holding on to 5500. Todays fall from the rising wedge gave an intraday sell. But positional bulls are not yet affected.
  • Breaking 5500  -  5520 level will give hope to the bears. For bigger gains they have to break 5443 as well. Till then this thing will remain range bound. 
  • Nifty has both Bullish and bearish possibilities.
  • An ascending triangle breakout may find resistance at the Resistance line of the Rising wedge.
  • So Bulls need to breakout of both patterns to confirm breakout.
  • Bears need to Break the rising support line of the Rising wedge.
  • Breaking yesterday's low will bring nifty to the support line of the triangle shown in weekly chart.
  • Price is closing between 5 day high and low Ema's which will not give a clear trend. So We need to see price closing above high Ema for a small up trend to start.


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.


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