August 30, 2011

  • Triangle breakout of crude oil has gone well till now for the bulls of crude oil.
  • Price is testing the resistance level mentioned in the earlier posts.
  • Staying above 88.98 will favor bulls of crude oil. Getting resisted here may result in a correction.
  • Price in hour chart is near resistance level and 200 Hour moving average. So it is a confluence of resistance and it will take a really strong bull to breakout above this level. Price staying above 200 Hour moving average will change the structure in favor of bulls.
  • Price continue to stay above 50 Hour moving average. Any weakness will be visible if price starts to trade below 50 Hour moving average.
  • CRUDE OIL TRIANGLE BREAKOUT
FOUR HOUR CHARTS
  • Bulls shall try to keep the price above 1206.75 level for continuing this up move.
  • Price is retesting the resistance line of the triangle from which it gave a breakout. If price falls into the triangle pattern that will be bad news for bulls.
  • Four hour chart also shows a bearish flag like consolidation after the big fall. Mostly these type of patterns that accours after a big down move gives a bearish breakdown.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

UPDATED CHART
  • Silver triangle mentioned below has given a breakout on the upside. But the resistance of 41.74 is not taken out yet. This has to be crossed by bulls of silver to extend this up move.
CHART-I
  • Silver is still inside the range 39.98 - 41.74
  • But price has formed a small triangle pattern within this range.
  • Triangle breakout along with range breakout may give good direction.
CHART-I
  • Nifty four hour chart is finding resistance at 50 Hour moving average.
  • 5 Minutes chart shows the range.
  • Price sustaining above 5000 will make the bulls stronger.
  • Weakness only if price stays below 4927
  • Nifty Four hour chart with ichimoku cloud shows price staying above the cloud which favor bulls.
  • Price also need to move above 50 Period moving average in this time frame which will strengthen this up move.
  • Price staying below 50 Period moving average will be negative.
  • NIFTY has given a good relief rally for bulls.
  • But one of the biggest gaining days has given an average volume candle. 
  • Price has to close above 5 day high ema for follow up strength which may then target 20 day moving average.
  • MACD lines are converging so nifty bulls may get some more points out of nifty if it manage to give a buy signal.
  • We saw Positive divergence developing on friday which lead to this bounce: NIFTY POSITIVE DIVERGENCE
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • GOLD RESISTANCE LEVELS
  • CRUDE OIL TRIANGLE BREAKOUT
  • S&P 500 Closed above its 20 day moving average.
  • Price gave a breakout from the triangle pattern. But price has to sustain above 1208 levels for the triangle to give good profits for Bulls.
  • S&P 500 Fib levels shows price closing above 38.2% Fib level. If this level is protected then SPX may move towards its 50 Day Moving Average and 61.8% Fib level. Which is approximately near 1250 levels.
  • GOLD RESISTANCE LEVELS
  • GOLD reversal could not sustain above 200 Hour moving average.
  • Four hour chart shows resistance at 1814 to 1828 levels.
  • CRUDE OIL TRIANGLE BREAKOUT
  • SILVER RESISTANCE LEVEL
  • MSFT BUY SIGNAL

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