January 31, 2012



  • RIMM Weekly chart near Middle bollinger band
  • Next two chart shows the strong down trend of the stock.
  • Price has to close above the daily cloud and 100 SMA for a possible change in trend to happen. Till then consolidations will result in down moves.
  • PROSHARES ULTRA SEMICONDUCTORS
  • SPX ANALYSIS AFTER CLOSING BELL


  • Support and resistance lines of weekly chart shows possible triangle in the making.
  • MACD may trigger a sell if price falls below 40.27.
  • Major support is the 200 SMA which is near 36 levels.
  • SPX ANALYSIS AFTER CLOSING BELL

  • Crude Oil near the apex of a contracting pattern.
  • Price may breakout of the pattern soon giving good direction for crude oil.
  • SPX ANALYSIS AFTER CLOSING BELL

  • Hanging man has managed to stop bulls from crossing 200 SMA.
  • But price has to fall below 5 Day Low EMA or 10 Day EMA for triggering a sell.
  • Price stopped at 78.6% which will keep the bears interested. Price has to sustain below the Golden ratio for bears to strengthen more.
  • So we shall wait and see if a sell gets triggered or a retrace of yesterday's fall happens.
  • S&P 500 EOD UPDATE

  • No breakout in month chart yet.the down trend line from 2007 was tested and rejected last week.
  • Weekly chart's breakout was tested today. Price violated the resistance line but came back to close the day above the line.
  • Daily chart shows price getting support near 20 Day SMA. Any weakness will be visible in this time frame. Closing below 20 Day SMA will strengthen bears.
  • ES FOUR HOUR CHART ANALYSIS

January 30, 2012

  • ES Four hour chart managed to get back above the support line.
  • Staying above this support level will favor bulls.
  • Price also took support at 100 Hour SMA. 
  • For bears price has to close below the support line and 100 Period SMA.

  • ES Testing 100 Hour SMA and the Cloud.
  • Bears need a close below the cloud to extend correction.
  • EURUSD TREND UPDATE


  • EURUSD Getting resisted at the cloud.
  • price has fallen towards 50 Day SMA which may act as support.
  • Price sustaining below 50 Day SMA will favor bearish trades in EURUSD pair.
  • ES HOUR CHART ANALYSIS

  • ES One hour sustaining below 200 Hour SMA will favor bears.
  • One hour chart in bulls has a falling wedge pattern.
  • Price in four hour chart is at a support line breaking which will strengthen bears.


  • Price falling towards 50 Hour SMA. Price getting support there might result in an up move.
  • As of now daily chart shows a perfect setup for the hanging man. But an intraday up move may spoil the setup for bears.
  • MCX GOLD NEAR RESISTANCE LEVELS

  • Tata steel moving towards the resistance line of a broadening pattern.
  • Till now the support and resistance lines of this pattern has held well as shown in the second chart.
  • Resistance line is expected to hold this up move. But momentum is with bulls which may lead to a breakout and test of 200 SMA.
  • BANK NIFTY WEEKEND UPDATE
  • NIFTY WEEKEND UPDATE
  • MCX COPPER WEEKEND UPDATE


  • SBI is trying to break the Weekly channel resistance line.
  • Daily is also testing 200 Day SMA. Price is showing some weakness here. We might see a consolidation here before the next big direction. Price closing above 200 SMA will be positive for bulls to extend this up move. For bears they should get closing below 10 Day EMA or 20 Day SMA.
  • BANK NIFTY WEEKEND UPDATE
  • NIFTY WEEKEND UPDATE
  • MCX COPPER WEEKEND UPDATE


January 29, 2012

  • Daily chart shows Golden ratio and resistance levels between 1760 - 1770 levels.
  • Weekly chart too shows a channel resistance line between the above mentioned levels.
  • Problem for bears of gold is that this weekly channel was violated many times in the recent times. So another channel break and a bigger up move cannot be ruled out.
  • QQQ WEEKEND UPDATE

  • Bidu has violated the triangle resistance line and closed outside the pattern.
  • Price will face resistance at 200 Day SMA. If the stock sustains above 200 SMA then price will move towards 137 and higher levels can be seen as shown in the last chart.
  • QQQ WEEKEND UPDATE

  • SLW breaking above 200 SMA and unlike the last time price action is looking good for continuing the current up move above 200 SMA.
  • Weekly line chart shows bullish price action out of a consolidation pattern.
  • Last chart shows the possible resistance levels for next week.
  • QQQ WEEKEND UPDATE

January 28, 2012

  • QQQ Violates the Resistance line which was expected to give a correction in favor of bears.
  • There is no Big volume increase during breakout. But It's a similar kind of breakout as the last one which is explained in the last chart.
  • Month chart shows the January candle breaking the resistance line. January if closes above the resistance line we may see bulls extending the current up move with smaller corrections.


  • Everything looks bullish here except for the Hanging Man at 200 SMA
  • The Selling zone post showed recently may not work If the Hanging Man fails.
  • Hanging man pattern is not a strong indicator It need a Gap Down a Lower close and High volume to confirm the bearishness of this pattern.
  • Weekly line chart looks good for bulls. Bears shall hope that this is a false spike above the down trend line.
  • BANK NIFTY WEEKEND UPDATE

  • BANK NIFTY closed near the resistance levels in weekly chart. 
  • Price is also nearing 50 Week SMA and channel resistance line. 50 Week SMA is near 10100 for now. 
  • Daily chart shows two red candles near 200 SMA. But yet to close below short term moving averages. This up move has been a trend followers delight with close above 10 Day EMA Giving close to 1600 points till now.
  • NIFTY WEEKEND UPDATE

January 27, 2012

  • SPY Hour is testing 50 Hour SMA and cloud.
  • Sustaining below 50 Hour SMA will favor bears for extending correction.
  • If channel support line holds and price moves above 50 Hour SMA then bulls will be able to make an up move.
  • GOOGLE AT 200 SMA

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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