January 4, 2012

  • QQQ Triangle shown in four hour chart with resistance levels.
  • 100 Period SMA shown in 2nd chart may act as support in case of a correction.

  • SLV Four hour chart shows a possible resistance line.
  • Price is also near 38.2% and 50% Fib levels.
  • For a bigger up move to happen price has to sustain above the resistance line and 50% Fib level.

  • Microsoft Testing the resistance line of the triangle pattern
  • Daily chart is shown with volume.
  • A Bullish candle with volume spike at this stage can give an extended up move for MSFT.
  • Bearish candle at the resistance line with Volume spike will favor bears for a correction towards the support line of the triangle pattern.

  • Nifty Hour is getting resisted at 200 Hour SMA.
  • Bulls need to close above 200 Hour SMA for continuing this up move.
  • Price staying below 4730 will favor bears.

  • CNX - IT Weekly chart with Horizontal resistance line and a falling resistance line which should act as resistance if this index gets there.
  • Price should also sustain above 50 Week SMA Which is around 6300 for this up move to sustain and move towards the weekly falling resistance line.

  • Nifty Moving up towards 4800 and the resistance line of the falling wedge.
  • Bull will be tested near the resistance line if they get there because of  important levels like 38.2% Fib level, Week High EMA at 4857 Etc.
  • Resistance line itself is around 4850 for today

  • Ascending triangle formation of SPX is showing a breakout. 
  • Price has to stay above 1277 and 1292 levels which may act as resistance now.
  • 50 Day SMA is rising towards 200 SMA for a bullish cross over to happen. For this the current resistance level 1292 has to be taken out easily. Failing to move above 1292 may give a bearish trade. Price closing below 200 SMA will be the first sign of weakness.


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.


Blog Archive

Powered by Blogger.

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