December 19, 2011

  • SPX is close to its support level of 1209.47. Break below it may give good move in favor of bears.
  • Price is below hourly ichimoku cloud. Price is also staying below important moving averages. So the hourly trend is in favor of bears for now.
  • For bulls price should breakout above crucial moving averages and the hourly ichimoku cloud.
  • AMAZON CHART ANALYSIS

  • Monthly chart of US Dollar is testing the Ichimoku cloud. Breakout above the cloud can give good up move for US Dollar.
  • Daily chart is showing negative divergence So if price gets resisted at the ichimoku cloud of month time frame we may see a dip in US Dollar and an up move for Equities.
  • AMAZON CHART ANALYSIS
  • S&P 500 WEEKEND UPDATE

  • Gold is getting support from 1540 - 1560 level.
  • 50 Week SMA has been held for now.
  • So the next big move in gold will be possible once the above levels are taken out on closing basis. If they continue to give support an up move is possible from here.
  • MCX Gold charts shown below this post

  • Hour staying above 50 Hour sma can given an up move for gold.
  • Daily chart has a hammer pattern which may act as important support for gold in the short term.
  • Resistance will be at 50 Day SMA(28056) for now.
  • ES One hour chart is testing resistance line drawn from 1270 levels.
  • Price is also near 100 Hour SMA.
  • Price sustaining above 100 Hour SMA May result in a bounce.
  • Hour chart has a bearish cross so for the up move to sustain price has to move up substantially which may not happen. Bigger up move only if price is able to break and sustain above 200 Hour SMA,
  • S&P 500 WEEKEND UPDATE

  • First 3 charts shows the same bearish scenarios shown differently.
  • 4th chart shows a potential positive divergence in daily time frame. For this one to work price should above 4580 levels approximately. 
  • Last chart shows the potential resistance level in case nifty starts to move up
  • USDINR CORRECTION FROM RESISTANCE LINE
  • S&P 500 WEEKEND UPDATE

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