February 29, 2012

  • Silver has violated its 200 SMA.
  • Silver bulls now need a close below 200 SMA for bearishness to sustain. Next important support is near 32.50 - 32.90 level. 
  • GOLD CHART ANALYSIS
  • Gold falls to its support level at 1704 and 200 SMA.
  • Momentum looks good for bears of Gold But price has to close below 200 SMA for this correction to extend.
  • Gold bulls need price to get support at 1704 and 200 SMA for an up move to happen.
  • MSFT above weekly resistance levels.
  • Month closing above 31.56 will keep the bullishness intact.
  • Daily staying above 20 SMA will keep the up trend intact.
  • IWM IN A RANGE
  • Crude oil support at 50 period SMA and Ichimoku cloud.
  • Holding above 50 SMA a channel breakout in favor of bulls is possible.
  • Crude oil will be weak below 50 Period SMA of four hour chart. Trend will reverse only on braking below the cloud.
  • US DOLLAR NEAR SUPPORT LEVELS
INDIA VIX - WEEKLY CHART
  • Nifty daily is giving an oversold bounce which may gains strength on closing above 20 day and 10 Day EMA. Daily stochastic is reaching oversold levels which may also given an up move if it starts to move up. Daily MACD remains in a sell signal. Weekly stochastic has given a sell signal But indicator is still above the overbought line which needs to come down for a possible fall in nifty.
  • VIX has given a breakout but its missing upward momentum. If it falls back into the pattern it will help nifty bulls for a larger pullback. 
  • US DOLLAR NEAR SUPPORT LEVELS
  • First chart is US Dollar Weekly chart which is near a possible trend line support. Price should hit this line in one or two weeks time.
  • Daily is also moving down in a possible falling wedge pattern. I am expecting a failed wedge here - price breaking below the support line and taking support near 200 SMA for completing a reversal. If the wedge works in a conventional way that may also lead to a reversal in US Dollar.
  • IWM IN A RANGE
  • IWM four hour chart with a range between 81 - 83.30. Price closing outside this range should give good direction.
  • Price is near 50 Period sma which may trigger a reaction soon

February 28, 2012

  • SPX Hour with possible resistance line.
  • for the current up move price should hit the resistance line near 1377 - 78 levels.
  • for a correction price has to break below the dotted line as shown in the chart.
  • Price is staying above the monthly resistance level so the chance of the resistance line getting broken in favor of bulls is there.
  • Google is breaking out of the range and above 50 Day SMA. Bulls of google need a close above 50 Day SMA to extend gains towards the golden ratio and above it.
  • Sustaining above 50% Fibonacci levels should take GOOG towards 61.8% Fib level
  • SILVER ABOVE RESISTANCE LEVELS

  • Silver bulls need a daily close above 35.68 for confirming a breakout.
  • Weekly candle is trying to stay above 50 Week SMA. If this is not a false spike price may target 38 and above.
  • JPM at important levels in week and monthly charts. Price above 50 Week SMA should favor bulls. But price has to cross Weekly cloud and Month middle bollinger band for the up move to gather momentum.
  • QQQ TREND UPDATE
  • Nifty bulls has to trade above 20 SMA which is at 5397, Unable to sustain above this level may give selling opportunity for bears again. 38.2% Fib level too is around 5400 level as shown in hourly charts. So a bigger up move possible if nifty trades above these two levels.
  • Failing to cross these levels will give a selling opportunity.
  • Nifty MACD sell signal has done well so far. Possible support levels are 200 SMA, 38.2% Fib level and the channel resistance line which may act as support. 
  • BANK NIFTY CHART
  • USDINR HEAD AND SHOULDERS AND 200 SMA
  • Bank nifty support level shown at 200 SMA and the channel resistance line which may become support. 
  • Week cloud acting as resistance. price closing below the cloud will be bearish in the short term.
  • BN 200 sma Near 9850 and 38.2% Fib level at 9906.
  • Crude oil in four hour time frame is getting support from cloud and 100 period SMA. Above these two levels the up trend will be intact.
  • daily staying above 10 Day EMA will not give bigger corrections. Price falling below 10 Day EMA may give a correction. If the fall  is limited price will give a breakout above the recent high's and move above 111 levels.

February 27, 2012

  • ES near the top of the range. candle shows good momentum for bulls. Price need to close outside the range for confirming a breakout. 
  • ES NEAR LOWER BOLLINGER BAND
  • QQQ Continue to get support from 50 Hour SMA and hourly cloud.
  • Sustaining above these two levels will keep the up trend intact.
  • QQQ TARGET FOR THIS UP TREND
  • Gold staying above 1763 will keep the daily up move intact.
  • For the day a short trade will be possible below 1761.
  • Up move will resume on closing above the hourly cloud.
  • SILVER WEEKEND UPDATE
  • Holding the trend line es may start moving up.
  • Breaking below the trend line may find support at 100 Period SMA or Lower Bollinger band. Trend will turn in favor of bears below these levels.
  • SILVER WEEKEND UPDATE
  • S&P 500 WEEKLY BULLISH CROSSOVER

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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"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