September 7, 2011

  • Price is not showing any weakness in both short time frames like 15 Minutes or in Four hour chart.
  • Bears shall hope that 200 period moving average stop this move. If it does not stop there then price may move towards the resistance line shown in last chart.
  • SILVER @ 50 SMA

  • GOLD Bearish engulfing pattern is giving good gains for bears of gold.
  • But a double top kind of correction may be possible only if the trend line shown in the second chart gets broken.
  • 1726 and 1702 levels may also act as support.
  • SILVER TESTING 50 SMA
  • SILVER is testing its 50 Day Simple Moving Average.
  • Recent attempts to close below 50 SMA has not been successful.
  • There is a trend line support too below 50 SMA as shown in the second chart.
  • So a big breakdown may happen only if price falls below the supporting trend line shown in second chart.
  • BEARISH ENGULFING OF GOLD
  • Price is about to retrace 50% of the fall from 1229.
  • This up move will sustain if price stays above 50 period moving average and the 50% Fib level.
  • If price breaks above 50 period sma then it may go till 200 period sma in four hour time frame.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • Attempt of GOLD to stay above 1912 has failed.
  • Now the correction is taking it to its support level between 1807 - 1823
  • Gold is trading in a broad range of 1726 - 1912.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • As discussed in the below chart price made it to the resistance line. Now for this up move to continue it should stay above the resistance line of the broadening pattern.
  • Nifty Futures will favor bears only if it falls below 5070 levels.
CHART-I
  • Nifty hour chart moving in channels and moving inside a bigger pattern.
  • Price is moving towards the resistance line of a broadening pattern. It is also an Inverted HNS pattern.
  • Hour with MACD is starting to diverge But price may go up some more before it take effect.
  • Price action is favoring bulls for the short term.
  • If price stays above 38.2% (5110) Fib level then  5 Week High EMA will be the first target.
  • Price sustaining above 20 DMA will help bulls to extend gains.
  • The Unfilled GAP near 5230 levels and 50% Fib level may act as resistance if nifty gets there.
  • Bears need to hope for a break below 5 day Low EMA and a daily close below 23.6% Fib level.
  • US DOLLAR VIOLATING RESISTANCE LINE
  • S&P 500 EOD ANALYSIS
  • Price action and the candlestick for the day is suggesting a long trade.
  • Bulls has to get back above 20 Day SMA for continuing this bounce from the support line.
  • USDCHF BREAKOUT
  • US DOLLAR VIOLATING RESISTANCE 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.

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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