July 19, 2011

CHART-II
  • Dow jones has gone above the cloud.
  • Price closing above the cloud will favor bulls.
  • Falling back into the cloud will be negative
CHART-I
  • Dow Jones hour char with cloud and 200 Hour moving average.
  • For Bulls the cloud should be broken and the day closed above it. If not we will see a correction.
  • But positional bulls will be safe above 200 Hour moving average.
CHART-II
CHART-I
  • SPY Near 50 hour moving average.
  • Price has to close the day above this level for showing real strength.
  • If price get resisted here we may see Today's GAP getting faded.
  • AAPL daily chart is looking good for bulls.
  • If price continue to move above the trend line then we might see 400 soon.
  • Weekly chart has moved out of the range.
  • If Price remains above 360 - 364 level which is the breakout level  then 400 levels can be achieved.
  • Price closing the week below 360 will be negative for bulls
  • SPX Analysis after closing bell
CHART -II
  • Range has broken and nifty moved above the resistance line.
  • Next resistance is @ the recent high 5653
CHART -I 
  • Nifty spot 15 Minutes chart with the range.
  • Range is between 5550 - 5596.
  • Breakout above will have to break above the blue resistance line connecting 5730 and 5653.
  • Breakdown below 5550 also means trading below 20 DMA and needs a daily close below this level to confirm bearishness.
  • As can be seen from the second chart SBI is near a breakout or breakdown level.
  • First chart shows a bearish Rising Wedge pattern.
  • So if price gave a breakout above the blue resistance line it will target the resistance line of the rising wedge and then prices may start to correct.
  • If the support line of the wedge gets broken we may see good correction.
  • Price took support @ 20 Day moving average yesterday.
  • For selling to pickup price has to break and close below 20 day moving average.
  • In weekly time frame the candle is forming below the middle bollinger band that is the 20 week moving average. For bulls if they need to push prices up they have to break up above 20 week moving average. For bears if things stand like this it will be easy for them to push prices down towards the lower Bollinger band.
  • 20 DMA was @ 5551
  • 50 DMA was @ 5505 Yesterday's values .
  • S&P 500 EOD ANALYSIS

  • S&P 500 Closed below crucial moving averages in daily time frame.
  • In hourly time frame price closed near 200 Hour moving average. Price briefly violated this crucial moving average But managed to come back and close above it. For bears breaking today's low will give greater profits.
  • 30 Minutes chart with cloud shows a clear down trend below the cloud.

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