July 17, 2011

  • Last week's up move on US Dollar was resisted @ its 200 DMA.
  • Ascending Triangle pattern is still intact.
  • First attempt to breakout of the ascending triangle was stopped by the 200 DMA.
  • Next attempt may be successful But if price dips below 74.405 then pattern will become weak.
  • S&P 500 WEEKEND UPDATE
  • My New Blog on FOREX MARKET--FOREX TECHNICAL ANALYSIS

  • SPX Weekly and daily chart shows a neutral to negative view going into next week.
  • Correction from 1356 is taking a pause now. Breaking last week's low 1306.51 will extend correction.
  • Daily close above 1331 will favor bulls for a retest of 1356 level again.
  • My new blog on Forex Market -FOREX TECHNICAL ANALYSIS
  • Nifty is still stuck in between 50 and 200 DMA.
  • But indicators like MACD are suggesting some weakness in daily time frame.
  • Price just managed to close below 20 week moving average.
  • If price continue to stay below 20 week moving average we may see an extended correction. 
  • MACD is about to trigger a sell. Bars have reached near zero. So if price confirms by breaking the recent low(5496) we might see good down move in favor of bears.
  • On the contrary if the low 5496 is held and 200 DMA is not broken then we might see another pause week without any major action.

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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