April 30, 2012



  • RIMM Daily chart testing 100 Day SMA.
  • For a bigger up move price has to breakout above the cloud.
  • Immediate resistance level  is at 14.99.
  • Closing above the cloud may give 17.30 levels. Unable to close above 100 Day SMA should result in a fall towards 12.55 levels again.


  • EURUSD Daily chart with resistance line and 200 day sma.
  • For an upper breakout to be effective price has to sustain above 200 SMA and the Resistance line.
  • US DOLLAR AT SUPPORT LINE




  • ES One hour chart with 50 Hour SMA and cloud as possible support levels.
  • Breakout above the resistance line shown in first chart should extend the move towards 1410 levels and above.
  • BULLISH ENGULFING OF QQQ



  • SILVER near the resistance line and Ichimoku cloud. If price is able to break above these resistance levels Price will enter the selling zone.
  • The area between 100 period SMA and 200 period SMA will continue to  act as the  selling zone until price breaks above the 200 SMA.
  • US DOLLAR AT SUPPORT LINE


  • Nifty must cross 200 Hour SMA and 50% Fib level on closing basis to extend this up move.
  • Next possible resistance is the Golden ratio.



 

  • 3rd chart shows bollinger band contraction which should result in a bigger move soon.
  • Price closing above 750 should give an up move towards 762.  breaking above 762 should give an up move towards 200 day SMA.
  • For bears the number to lookout is  723.
  • US DOLLAR AT SUPPORT LINE
  • USDINR CHART UPDATE
  • NIFTY WEEKEND UPDATE




  • US Dollar hits important support line.
  • Getting support here should result in good up move.
  • Breaking and closing below 200 SMA should result in good correction.
  • BULLISH ENGULFING OF QQQ


April 29, 2012

CISCO DAILY CHART
CISCO WEEKLY CHART

  • Daily chart closed below 20 SMA. Trading above 20 SMA can  give a buy signal in daily chart which   can  extend  this bounce.
  • MACD in weekly time frame is looking good for bears. MACD histogram is showing negative divergence. MACD lines have given a sell. Bears need price to close below 20 week SMA. Last weekly candle at 20 week SMA is looking good for a small bounce.
  • BULLISH ENGULFING OF QQQ



  • QQQ Weekly chart shows Bullish engulfing pattern.
  • There is no big change in volume which is required for an engulfing pattern.
  • Weekly MACD is getting closer to a sell  so for this engulfing to be effective follow up buying is required and a breakout above 68.55 will add strength for bulls.
  • Daily chart is shown with price above 20 and 50 day SMA. Price need to sustain above these two crucial moving averages  and above 68.55  to avoid a bearish  cross.
  • GOOGLE WEEKEND UPDATE




  • A long trade looks likely in google daily if price stays above 20 and 50 day sma.
  • MACD of daily time frames is closer to a buy signal which should help bulls to target price towards the resistance line of a contracting triangle pattern.
  • S&P 500 WEEKEND UPDATE



April 28, 2012



  • SPX Daily chart looks good for bulls. If price sustains above 20 SMA it should hit the 1422 resistance level.
  • Daily macd has turned positive for bulls and price in weekly is moving away from 20 Week SMA which may delay the weekly MACD sell signal. Next hope for bears will be the recent resistance level of 1422.





  • The Daily Bollinger band continue to contract which is leading to lower volumes.
  • 3 rd chart shows possible support and resistance lines which may give good direction for nifty.
  • 2nd chart shows price near lower Bollinger Band with oversold stochastic which may result in a bounce. 
  • The weekly time frame shows MACD getting ready for a perfect sell But for this one price need to confirm with a  close below middle bollinger band. Nifty Bulls may get help from middle bollinger band for a rally also.
  • So its better to wait for a clear signal to emerge. Sideways action can be boring and may erode the capital if one doesn't play the range properly.
  • DOW JONES RESISTANCE LEVEL

April 27, 2012

  • Dow Jones daily chart shows resistance between 13288 - 13297 levels, which was also the recent high.
  • Hour chart shows a trending up move above 20 Hour SMA. Holding this moving average Dow jones may give an upper breakout above the resistance level.



  • If day sustains below 20 SMA and closes below it we may see an extended correction.
  • 15 Minutes shows a bullish flag like pattern which should help bulls if an upper breakout happens
  • One hour if keeps the closing values above the cloud and 50 Hour SMA we should see another up move soon.


FOUR HOUR CHARTS

ONE HOUR CHARTS

  • ES Four hour charts moving away from resistance levels.
  • Price if trades above 78.6% Fib levels Bulls may test the recent high's again.
  • One hour charts shows price trending above 50 Hour SMA.
  • S&P 500 DOUBLE BOTTOM



  • Crude oil four hour chart shows falling resistance line, 50 Period SMA and Ichimoku cloud as resistance levels.
  • Recent low of 29.93 will act as a short term support level. Silver will face selling pressure at higher levels so support levels are likely to be tested.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • Crude oil near channel top and 50 day Simple Moving Average.
  • Crude oil Bulls need a daily close above these levels for the up move to continue.
  • Getting resisted here will result in a fall towards the dotted support line. Falling below the dotted line may take crude oil towards 100 levels.
  • S&P 500 ANALYSIS AFTER CLOSING BELL





  • Bank Nifty has strong support between 9900 - 1000 level as shown in last chart.
  • BN bears need a close below 50 Week SMA and the above mentioned support levels for the weakening indicators like MACD and Stochastic to be effective. 
  • S&P 500 EOD 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