October 5, 2011

  • This is a continuation of the previous post.
  • Price has broken above the resistance line in hour chart.
  • Now it has to close above 200 Hour SMA for continuing this up move.
CHART-II - UPDATED
  • ES unable to cross the resistance line on this attempt. Correction if limited to 50 Hour SMA we might see another successful attempt to break above the resistance line.
CHART-I
  • ES staying above 50 hour moving average will favor bulls.
  • But price has to break and sustain above the resistance lines for continuing this bounce.
  • Failing to move above the resistance line may resume the fall.
  • AAPL 200 SMA TRADE

  • Crude oil daily chart with support and resistance lines.
  • Price is testing support line drawn at 75.67.
  • Price is able to stay above it for now.
  • Bears of crude oil need daily candle to close below 75.67 which may push price below $70
  • AAPL 200 SMA TRADE
  • Important support for nifty in weekly chart is between 4675 - 4720.
  • Weekly channel support line for this week is near 4600.
CHART-II (UPDATED)
  • Price went down till the 200 SMA and started to reverse.
CHART-I
  • Price having broken 50 SMA is moving towards 200 SMA.
  • Trend line in weekly chart looks good for bulls despite this correction.
  • In the short term price momentum is with bears. 350 levels is good support area.

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