January 12, 2012


 
  • QQQ Weekly chart is closing in on a possible resistance line
  • First signs of weakness near resistance line will be visible in Hourly chart. Price is yet to show such weakness in hourly chart.
  • Up trend in hourly chart will be safe above 50 Hour SMA and the Hourly cloud.


  • Dell has moved out of the triangle pattern in daily chart.
  • Price has to sustain above 16 Level for extending gains.
  • ES RESISTANCE LINE
  • ES Daily approaching resistance line.
  • Bulls shall stay above this line for extending this up move.
  • Getting resisted at this line may result in  correction.
  • COPPER TRIANGLE BREAKOUT


TARGETS FOR BREAKOUT
CHART-I

  • Copper has give a breakout from the triangle pattern which was discussed in an earlier post.
  • Price may give 3.6178 level as first target for this breakout. Sustaining above it will extend this up move in copper.
  • MCX Copper chart below this post
MCX COPPER CHART
  • Day closing above 415 can extend the current up move in MCX copper. 



CHART-II - UPDATED
  • Reaction to the news as of now looks bearish. Day closing below 50 SMA and the up trend line will favor bears.
CHART-I
  • If the results does not give wild moves one should look at the range that has formed in the charts to go long or short. 
  • Upper end of the range is 2894 and lower end is 2810. It's better to take  a position after the news is released so that one does not get trapped on the wrong side. For a positional trade tomorrows weekly close may give more clarity.

  • Hour up trend will be safe above 50 Hour SMA.
  • Important levels for SPY are 128.38 as support and 129.65 as short term resistance.
  • Up trend will be safe if price remains above the dotted trend line and the hourly cloud.
  • For bears price need to fall below 50 Hour SMA.
  • GOOGLE FALLS TO 50 DAY SMA
  • MSFT PAUSES NEAR RESISTANCE LEVEL

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.

Followers

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