October 28, 2011

  • Copper is moving towards 3.8093 level which was the previous support, This level may act as resistance.
  • price is trying to stay above a down trend line. If successful then this up move will be extended.
  • Important support is at 3.4688
  • ES staying above 200 SMA will favor bulls. Bulls will be safe till daily candle closes below 200 SMA.
  • Four hour chart shows up trend line and Horizontal support line. Weakness will be visible only if price manage to break below these lines.
  • The earlier GAP of nifty of the down trend is not yet filled.
  • Today's GAP managed to open above and is sustaining above the earlier GAP.
  • We have to see if price does a retrace to partially fill the GAP or continue to move up towards the weekly resistance line.

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.

Followers

Blog Archive

Powered by Blogger.

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