October 4, 2011

  • Gold ranging in a bullish rectangle pattern.
  • Trading above 100 Hour sma will favor bulls.
  • Falling below 1583 will be negative. 1532 may save bulls from a bigger correction.
  • Google Testing its support line in weekly chart.
  • Week closing below this support line will be negative for goog
  • If day shows reversal at the support line a long trade is possible.
  • MSFT NEAR TRIANGLE SUPPORT LINE
  • MSFT Weekly chart with triangle pattern
  • Price is approaching the support line of the triangle.
  • Daily is still moving down and yet to show a reversal.
  • Reversal candles in daily chart near triangle support line may give a long trade.
CHART-III
  • NIFTY broke 4758 and took support @ 4728. Bulls need to sustain above 4822 levels for an up move to happen.
CHART-II
  • Break below 4822 gave good down move. Next level for bears to break below is 4758
CHART-I
  • Possible rounding Top formation in Nifty spot hourly charts.
  • Both bullish and bearish possibilities exist at this point of time.
  • Closing above 4910 will favor bulls.
  • Break below 4822 may give further correction in favor of bears.

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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