June 30, 2012


  • Ford Motor co Daily and Weekly charts continue to look bearish.
  • Friday the stock broke down from a range. Weekly chart shows a bearish flag breakdown, Weekly stochastic does not show any reversal signs. 
  • Third chart shows a possible support line which may give a reversal for the stock, But this support line is also the neck line of a big Head and Shoulders pattern. Bulls of Ford must hope that this pattern gets failed to avoid a bigger correction.
  • SPY WEEKEND UPDATE


  • SPY Weekly chart has given a bullish engulfing pattern.
  • For bulls price need to sustain above 20 Week SMA and the Golden Ratio shown in 3rd Chart. Trading above Golden ratio should target the 78.6% Fibonacci level area at 138.6.
  • Hope left for bears as the Weekly MACD sell signal has not been negated completely . Bears must hope for weakness near 80% retrace level. Any weakness there will keep the MACD sell signal alive. But i must warn that the momentum in daily has turned in favor of bulls.
  • S&P 500 CHART ANALYSIS


  • SPX Four hour chart shows price at the upper end of the range.
  • Trading above 1363 and 200 period SMA of four hour should favor bulls for the coming week.
  • Daily chart closing above the cloud should also favor bulls.
  • SILVER CHART UPDATED



June 29, 2012


  • Silver weekly charts finding support at crucial support levels.
  • Hour chart has broken above 200 Hour SMA. For bulls of silver price has to sustain above this level.




  • ES Daily chart near resistance line, 100 Day SMA and cloud. 
  • Price sustaining above these levels will change the trend completely in favor of bulls.
  • FALLING WEDGE OF GOLD




  • Nifty hour chart shown with range breakout with target near 5300 levels.
  • Month chart shows 5 Month High EMA near 5330 level and a falling resistance line in month chart which may act as resistance. Moving passed above these levels could lead to a bigger breakout. For bulls need a close near the high of the day week and month to sustain the bullishness to the next month.


Falling wedge updated

  • Gold testing the weekly support levels.
  • But four hour chart of gold is showing a possible Falling wedge pattern which is a bullish reversal pattern. For it to work well price need to hold on to the current lows near 1550 and bulls must hope for a breakout above the falling resistance line of the wedge shown in last chart.
  • SILVER HITS LONG TERM TREND LINE




  • Silver at make or break levels. 
  • Price hits the long term trend line and crucial weekly horizontal support line. Trading below 26.02 could lead to the 78.6% Fib level shown in last chart. A bigger fall is possible only if price falls below this level.
  • Crucial support levels can also give an over sold bounce.
  • JP MORGAN CHASE RESISTANCE LEVELS



June 28, 2012



  • SPY Hour shows a possible descending triangle pattern.
  • Breakdown below 130.85 levels could close the GAP in hour chart and possibly test the recent lows.
  • For bulls price need to stay above the resistance line and trade above 50 Hour SMA to avoid a breakdown.
  • JP MORGAN CHASE RESISTANCE LEVELS



  • JPM Near 50 Day SMA, Daily Ichimoku cloud and 38.2% Fibonacci levels.
  • Confluence of resistance may stop the advance of bulls for now.
  • Close above these levels could target the GAP area. Negative close today may take the stock back to 23.6% fib level and below it.
  • S&P 500 ANALYSIS AFTER CLOSING BELL



  • Crucial chart for shorter time frame traders is the second one, price is stuck between the 200 Hour SMA and the Ichimoku cloud. Breakout could give a meaningful move in ES 
  • A bigger move might not happen until the contraction shown in daily chart gets resolved.
  • 4 Hour cloud shown yesterday is acting as strong resistance.
  • S&P 500 ANALYSIS AFTER CLOSING BELL




  • Nifty continues to move in a channel.
  • Hour chart also shows support near 5090 and 100 Hour SMA. There was spike below 100 Hour SMA but it was not broken on closing basis. So for bears hour closing below 100 Hour SMA Will be the first warning and close below 5090 will turn things in favor of bears.
  • For bulls they have to break through the 5180 - 5200 zone which looks unbreakable. Bulls has to break it on closing basis to confirm a breakout.



  • First chart shows price moving in a narrow band which is inside a larger price range.
  • Second chart shows price contraction which may result in a big move.
  • Daily chart shows price near the Ichimoku cloud which may act as resistance. Last fall too started near the daily cloud.



  • CAT is about to test the weekly up trend line.
  • Daily chart has a death cross which is doing well so far. 
  • Price continues to trade in a descending channel. Some hourly charts are showing positive divergence. If the bounce happens it should trade above 86.88 levels for a stronger up move to happen.


June 27, 2012

  • ES one hour near 200 Hour SMA.
  • Price near 50% and Golden ratio fib levels.
  • ES Four hour cloud too may act as resistance. 
  • Price advance may continue only if price is able to sustain above 200 Hour SMA.
  • CRUDE OIL TRIANGLE PATTERN




UPDATE-II
  • Failed pattern gave good correction in favor of bears. Price falling back into the pattern is a good entry for failed patterns.
UPDATE-I

  • Crude oil showing a triangle pattern in Four hour chart. This time frame has Positive Divergence Which was shown in the previous crude oil post.
  • Up move may find resistance near 80.81 level and 100 Hour SMA.
  • Week chart shows strong support near 74 - 75 level. Doji candles near the support level may favor bulls for a reversal.
  • CRUDE OIL POSITIVE DIVERGENCE



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