July 5, 2011

  • Crude Oil daily chart has broken above the resistance line.
  • Immediate resistance is at the 50 day moving average.
  • Bulls of crude oil can extend the rally if price is able to stay above this moving average.
  • Price continue to move up in a narrow channel. 
  • Price has not even touched the 20 period moving average for this time frame
  • For bears they have to break the channel and 20 period moving average for a correction to happen.
CHART-II
CHART-I
  • ES in a range in 30 Minutes
  • Last smaller range between 1311 and 1317 gave good long trade after an upper breakout.
  • This one is even bigger 1328 - 1337 and expecting better direction out of this range.
  • DOW JONES WEEKEND UPDATE

BANK NIFTY DAILY
STATE BANK OF INDIA DAILY CHARTS
INDIA VIX
  • Bank nifty is slowing down near 200 DMA. 
  • Price has given a doji candle near 200 DMA. Doji shows indecision and when it comes near moving important moving averages or trend lines it usually lead to a good move in either direction.
  • SBI is pausing at 38.2% Fib resistance level and near 50 Day moving average. Price should sustain above these levels for this up move of SBI to continue.
  • India Vix seems to be making a bottom. If stochastic starts to move up then we may see the VIX move up.

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