August 21, 2011

  • All time frames still favoring bears.
  • Hope for bulls is the recent low 1101.
  • If that level holds we may see a bounce.
  • If price stays above 50 and 100 Hour moving average one may stay long for a bounce.
  • Price below 50 Hour moving average will favor bears. 
  • If a bounce happens 20 Day moving average is the next resistance level. Larger up move will be possible only if price starts to trade above 20 DMA.
  • S&P 500 CLOSED BELOW 200 WEEK MOVING AVERAGE
  • Trend of nifty is still down.
  • No reversal pattern in sight yet.
  • Daily indicators are still strongly favoring bears.
  • But this is an extended fall so if price reverses we may get a decent bounce.
  • So one shall look for reversal candles in daily time frame next week to go long. 
  • Price should also stay above the channel drawn in daily time frame for a decent bounce to happen.
  • It is difficult to pick a number, But the level one has to watch is between 4750 - 4800.
  • SUZLON ENERGY ANALYSIS
  • S&P 500 WEEKEND UPDATE

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