July 26, 2011

CHART-II (UPDATED)
  • Hour chart has a GAP between 130.65 - 131.32.
  • Price fading the GAP and closing below it may take SPY to 129.63. GAP may act as support too.
CHART-I
  • Price in 30 Minutes time frame is staying below 50 Period moving average which is encouraging for bears.
  • Price has given a breakdown from rising wedge in favor of bears.
  • Now breaking yesterday's low may extend profit for bears.
  • AAPL Sailing smooth above the cloud.
  • Price yet to challenge 50 Hour moving average after 330 levels.
  • MACD is showing some exhaustion in price But this has to be confirmed by price by breaking the short term trend lines.
CHART-II (UPDATED)
  • Hourly Bull flag gives gold yet another all time high as discussed below.
CHART-I
  • This is a bull flag and mostly breaks on the upside.
  • If there is no false breakout this one should give new high's for Gold


  • ES Hour in a triangle pattern.
  • If there is not false breakout price can move up to 25 points towards the side of the breakout.
  • Breakdown will accelerate only if price breaks 200 Hour moving average.
  • Price sustaining above 50 Hour moving average will favor bulls.
  • ASCENDING TRIANGLE OF DOW JONES
  • Nifty hour is near its 200 Hour moving average.
  • Last two attempts to break this moving average has failed.
  • Now if day closes below 200 Hour moving average we may be seeing a trend changing event.
  • Day is not closed yet but chances of today's candle engulfing two bullish candles are there. Bull closing day above 5610 may give some hope for them.
  • Volume analysis too favors bears for now.
  • Bulls of nifty were trying to move away from the Pivot level of 5605 But their attempt was halted by RBI and price is back to this level again.
  • For the series nothing has changed we are still right in the middle of the range.
  • We can apply some physics here. This 5605 level is now acting like gravity. So either bulls or bears has to develop enough escape velocity to go out of this range. For now this attempt of bulls looks to be a failed one.
  • Immediate support for nifty is at 5660 level as shown in the Fibonacci chart. Price falling below it will be negative.
  • Important support is the 20 week moving average which is at 5610 level.
  • Resistance for nifty to close above is 5740.
  • So the range to look for today is 5660 -  5740 price falling either side will show strength and weakness.
  • THE SILVER CHANNEL
  • Silver daily chart has hit a possible channel TOP.
  • Price has also hit 50% Fib level for the recent fall. 
  • So unless price closes above 50% Fib Level we will see a correction soon.

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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"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