September 6, 2011

  • It seems USD may stop only at its 200 DAY SMA.
  • Last attempt to cross 200 SMA resulted in a sell off.
  • We have to see how price behaves at this level this time.
  • Price holding above 20 period moving average will favor bulls for a breakout.
  • Bears should hope for a four hour candle closing below 20 period moving average.
  • USDCHF BREAKOUT
  • USDCHF has broken its weekly down trend line and it has also violated 20 week moving average.
  • If week manage to close above the TL and 20 WMA then this move will sustain. And will target 50 week moving average which is near 0.9020 levels right now.
  • Long weekly shadow at the bottom of the trend gave warning of a likely change in trend. They say everything is priced in and those who created that long shadow anticipated such a news weeks before it happened.
  • ES staying below 200 period and 50 period moving average for four hour time frame will favor bears in the short term.
  • Yesterdays broken support line is acting as resistance. If this line continues to act as resistance we may see a sell off.
  • SPY VOLUME AND INDICATORS STATUS
CHANNEL BREAKOUT
CHART-I
  • Nifty futures is stuck in a small channel.
  • Price has to move out of this one for bigger moves to happen
CHART-II
CHART-I
  • Bank Nifty Futures may form a Bullish pattern. 
  • Right Shoulder of IHNS is not yet formed.
  • Breaking below 9278 which is the 50% fib level will make the pattern weak and below 9190 things will favor bears again.
  • Violation of Fib levels and support levels mentioned in the second chart may give good direction for Nifty Futures
  • BROADENING PATTERN OF NF WAS SHOWN YESTERDAY
  • 5 Week High ema and 38.2% will act as resistance.
  • 4927 and 5 Day Low ema may act as support.
  • So Violation of these levels may give good direction for nifty.
  • FUTURES OF S&P 500 HAS VIOLATED AN IMPORTANT SUPPORT LINE
  • Crude oil has broken its support line 
  • Price is also coming down from 200 SMA which makes it even more difficult to for bulls, Any bounce from here will be a dead cat bounce. It will take a strong bulls to break above the 200 period moving average in the short term.
  • Now there is minor support near 82 levels. Then it will be the test of 79.38, If that level does not hold price may move towards 75.67.
  • Price If gets support near 79.38 levels we may see a bounce towards the broken trend line.

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