October 12, 2011

CHART-II
  • Price tried to go through the resistance level mentioned in the below chart. But reversed and closed below the resistance level (1219 - 1227).
CHART-I
  • S&P 500 is approaching resistance level in weekly chart.
  • Resistance is between 1219 and 1227 levels.
  • getting resisted here can give a short trade for bears.
  • For bulls closing above this level may give 1250 area.


  • Copper weekly chart is showing bullish engulfing pattern
  • Current week closing above 3.3275 will be good for bullish traders.
  • Immediate resistance is at 3.4688, Crossing this level will add strength for bulls of copper.
  • Gold has moved above 100 Hour SMA.
  • For bulls of gold price should sustain above 100 Hour SMA and it should also hold on to 1670 - 1680 levels.
  • Falling below 100 Hour SMA right now will favor bears for a correction.
  • ES is trending up in hourly time frame
  • Price staying above 50 Hour SMA will favor bulls.
  • Ichimoku cloud for this time frame too is favoring bulls as of now.
  • For bears MACD and Price is showing some negative divergence in hour chart. This will be effective only if price starts to trade below 50 Hour SMA.
CHART-II
  • Broadening pattern breakout has worked in favor of bulls. Closing too looks good for bulls
CHART-I
  • Nifty is trying to breakout of the broadening formation in 5 Minutes chart.
  • For bears price should fall below 5056
  • Price sustaining above the resistance line of the broadening formation will favor bulls.

  • For nifty bulls they have to stay above 50 SMA and above 5045 which was the recent high to make a bigger move.
  • Price falling below 50 SMA may attract selling.
  • Infosys has given good up move following its good results.
  • Price is now moving towards its resistance line in daily chart.
  • For continuing this up move price has to break and sustain above the resistance line.
  • Rising 20 day SMA should act as support in case of a correction. For now a safe short will be possible   when the stock closes below 20 SMA


  • Infosys daily is showing bearish flag, Bearish engulfing and negative divergence.
  • But for bulls price is trading above 50 and 20 day moving average with bullish crossover.
  • Weekly macd is looking good for bulls But price is moving towards a resistance line.
  • Important support is near 2400. 
  • So in short stock has both bullish and bearish possibilities. Short trade is preferred because of bearish engulfing and bearish flag, Both need confirmation of price before going short.

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