March 31, 2012

  • Apple weekly chart is showing bearish candles.
  • Daily chart is also correcting from a bearish candle. But price is yet to test the all important 20 Day SMA for a bigger fall price has to stay below 20 Day SMA.
  • Last chart which is the daily time frame shows Big negative divergence between price and MACD Histogram. MACD signal lines too has given a sell. Now for bears of apple price need to close below 20 day sma for a bigger correction to unfold.
  • GOOGLE BEARISH WEEKLY CANDLES
  • Last chart is month time frame with 5 Week High EMA and channel. Nifty closed the month again below 5 Week High EMA suggesting lack of upward momentum in the bigger time frame. Dip in price was saved by the channel resistance line which turned support. Price may attempt to stay above the 5 Week High EMA again, But for bigger momentum price has to stay above this months High price which is 5499.
  • Nifty weekly chart shown with 50 Week SMA. In yesterday's post we discussed the possibility of price closing above 50 week SMA. Nifty closed above it and in the process gave a bullish looking candlestick as well.
  • Daily charts shows price moving into a resistance zone in the form of 20 and 50 Day SMA and the falling resistance line. MACD and Stochastic are lining up well Nifty bulls has to sustain above the resistance line for a bigger up move.
  • For bears the gains seems to be limited as long as price stays above the 200 Day SMA



  • Google weekly has given a perfect bearish candle in weekly time frame and it has come at an important resistance level for this stock
  • Bearishness is clearly evident in lower time frames like hour chart were price has fallen below 50 Hour SMA and about to break below the hourly cloud. Hour trend will completely turn bearish below the cloud.



March 30, 2012


  • Rimm daily chart shows price moving towards a resistance line.
  • Daily chart also nearing Ichimoku cloud and 100 Day SMA.
  • Only a daily close above these levels will help bulls to continue the up move.


  • ES one hour chart near resistance levels like the hourly Ichimoku cloud and Golden ratio for the recent fall.
  • Close above golden ratio and Cloud will help bulls to extend gains.
  • DOW JONES TREND UPDATE
  • S&P 500 ANALYSIS AFTER CLOSING BELL



  • Nifty managed to close above 200 SMA.
  • A turnaround in trend may seen only if price manages to stay above 5 Day High EMA.
  • Today being a weekly close price may try to close above 50 Week SMA As shown in 2nd chart
  • The golden cross is still alive and if it is to perform well price should get back above 50 day sma soon. Price falling below 200 SMA will weaken this setup.
  • DOW JONES TREND UPDATE




  • Daily chart shows price getting support near 20 Day SMA and the price did a bullish candlestick in Hammer. Hammer is bullish if it forms at the bottom of a trend. It can also work well for continuation of the trend.
  • Four hour chart shows price getting support at 50 Period SMA. 
  • One hour chart shows price taking support at 38.2% Fib level. If price sustains above 23.6% Fib level another up move is possible.
  • DOW JONES TREND UPDATE

March 29, 2012


  • Dow Jones testing the up trend line which starts from 10404 levels.
  • Price is still above 50 Day SMA.
  • Up trend will be safe as long as price stays above 50 Day SMA.
  • SPY SUPPORT LEVELS



  • Crude oil has violated important up trend line and 50 Day SMA.
  • Price is testing horizontal support levels. If this level gets violated on closing basis crude oil will slide further below $100 levels.
  • Getting support at this horizontal lines can result in an up move.
  • SPY SUPPORT LEVELS



  • Price approaching 20 day sma and an important channel support line shown in Four hour time frame.
  • Horizontal support level is at 138.55.
  • For bears closing below 20 SMA and 138.55 will extend gains. 
  • Getting support at these levels will result in a bounce towards 140.50 levels.



  • ES one has fallen below 50 Hour SMA and the hourly cloud.
  • Tills price stays below them it will face selling pressure at higher levels.
  • But for bears a bigger fall is possible only on breaking the up trend line of four hour chart shown in the  last chart. Staying above this line should give an opportunity for bulls to move up again.
  • SPY HOUR CHART ANALYSIS


  • Stochastic has reached oversold levels, Now for bulls price has to sustain above 200 SMA for a turnaround to happen. Closing below 200 SMA will strengthen bears further.
  • Price has been closing below 5 Day HIGH ema. For a turnaround to happen price has to close above 5 Day High EMA.
  • COPPER RANGE UPDATE



  • CISCO Weekly chart shows the up move after its weekly close above 200 Week SMA.
  • Next major resistance or the target for this up move is near 22.33 levels.
  • Weekly chart also shows price moving up from 50% Fib level, If the momentum sustains price should hit the golden ratio soon.
  • SPY HOUR CHART ANALYSIS




  • Copper continues to be in the range discussed in an earlier post.
  • Four hour chart shows a contracting a triangle. Price may start moving up towards the upper end of the range again. Larger move will happen only when the triangle and the range gets resolved.
  • For the larger move to be stronger one week needs to close above the Golden ratio or below 50% Fib level.
  • SPY HOUR CHART ANALYSIS



March 28, 2012



  • SPY Hour testing important trend lines and support levels.
  • Closing below 100 Hour SMA and the hourly cloud may extend the fall.
  • Getting support here may result in an up move towards 140.50 levels.
  • Breaking these two levels may target 138.50 area.


CHART-II
  • Levels discussed below has broken, price moving towards golden ratio.

CHART-I

  • ES Hour chart approaching 200 Hour SMA and 50% Fibonacci levels.
  • This level may give a bounce.
  • If these two levels does not hold ES will fall towards the golden ratio.



  • Crude oil near the rising trend line and 50 Day SMA.
  • These two levels may act as support for an up move.
  • Correction only if daily candles close below these two levels.



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