September 9, 2011

  • Possible ascending triangle developing in four hour chart of gold
  • Ascending triangles are bullish patterns if worked according to the rules. Break of the support line will negate the bullish possibility.
  • For this one to work perfectly the Higher Low formed at 1808 should be protected. which will eventually lead to the resistance line breakout.
  • US DOLLAR BREAKOUT ABOVE 200 SMA
  • ES TRIANGLE PATTERN
  • AAPL four hour chart and 5 Minutes chart.
  • Price is pausing near resistance line of four hour time frame.
  • Breakdown from the channel shown in 5 Minutes may give a good short trade.
  • Breakout above the channel should stay above the resistance line in four hour chart. So long trade does not favor good risk reward ratio. So one may try to go short if channel support line gives a breakdown.
  • CRUDE OIL FALLING FROM RESISTANCE LINE
  • US DOLLAR BREAKOUT ABOVE 200 SMA
  • ES TRIANGLE PATTERN
CHART-II UPDATED
  • Price having broken 100 SMA is moving towards the support line of the triangle. 
  • Support is near 1142 level approximately.
CHART-I
  • For bears price need to break below 100 period sma which may target the support line of the triangle pattern.
  • US DOLLAR BREAKOUT
  • US Dollar has violated its 200 SMA.
  • Euro has closed below its 200 SMA soUSD may continue to rise.
CHART-II UPDATED
CHART-I
  • Crude oil may fall to 83 levels if this down move continues.
  • Closing looks good for bears.
  • Next support is at 4930 levels.
NIFTY FUTURES HOUR WITH 50 SMA
CHART-I
  • Yesterday's up move out of the triangle is getting reversed
  • Bears will be stronger below 5088  and 5070 levels.
  • Stochastic has reached overbought levels.
  • Price has some more distance to go for the upper bollinger band.
  • Fib levels and Gap zone shows strong resistance levels starting from 5230 levels
  • But for bulls who follow the close of 5 day high EMA there is no weakness yet. Crossover of 5 day high ema above 20 day sma has down well till now.
  • EURUSD AND US DOLLAR TREND UPDATE
  • CRUDE OIL RESISTANCE LINE
  • If price continue to get resistance at 200 period SMA then a triangle pattern is possible as shown in 2nd chart.
  • Price may fall towards the support line of the triangle initially before taking the next direction. 
  • CSCO 100 SMA BREAKOUT
  • EURUSD AND US DOLLAR TREND UPDATE
  • EURUSD if sustains below 200 DAY sma will favor bears of this pair in the medium term.
  • US Dollar too is testing its 200 DAY SMA.
  • If this path continues we might see major trend changes for EURO and US DOLLAR.

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