October 11, 2011

  • Price staying above the trend line will continue to favor bulls.
  • Bears need price to fall below the resistance line and close below 50 Day SMA.
  • Bulls will extend the up move once they break above yesterday's High.
  • Bears need to wait till the reversal is confirmed.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • AAPL CHART ANALYSIS
  • Apple is moving up and has closed the day above 50 day SMA.
  • Next resistance level is the 20 day SMA.
  • Price closing above 20 SMA can extend this up move.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • Nifty is stuck between 20 and 50 SMA for today.
  • Breakout on either side on closing basis may give a good trade.
  • Price has closed above 20 day sma. If the corrections are limited to 20 day SMA we may see price closing above 50 SMA.
  • For this up move to continue price should close and sustain above 50 Day SMA. Negative candles @ 50 SMA may lead to correction.
  • Another important support level now is the month Low EMA. Sustaining above month Low Ema too may lead to higher targets.
  • For bears they have to break below 20 SMA and month Low EMA for bigger falls to happen.
  • S&P 500 EOD ANALYSIS
  • Four hour chart shows price resistance near 1208 - 1210 levels.
  • Daily closing looks good for bulls. Its a  strong close above 50 Day SMA.
  • Weekly chart too shows price about to enter stiff resistance zone between 1219 - 1227 provided price stays above 100 Week SMA.

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