January 13, 2012

  • QQQ Channel is still intact.
  • 50 Hour SMA is being tested. Hour closing below 50 Hour SMA will strengthen bears.
  • Breaking today's low 57.69 will be negative for bulls.
  • Cloud is yet to be tested.


  • ES Four hour chart yet to show weakness.
  • Breaking the trend may lead price to its 50 period SMA.
  • Up trend will be safe as long as price stays above the cloud.
  • GOLD Support levels


  • Breaking below 100 Hour SMA will be negative for bulls of gold.
  • Trading below 1631 - 1636 band will strengthen bears of gold in the short term.
  • S&P 500 ANALYSIS AFTER CLOSING BELL


  • Crude oil is testing its 50 Day moving average.
  • Closing below 50 SMA will be negative for crude oil in the short term. But for a bigge correction to happen price should break the up trend line shown in daily chart.
  • 2nd chart shows Important support and resistance levels for crude oil
  • Nifty four hour seems to be stuck in a rising wedge like pattern.
  • For bulls price has to stay above the marked resistance line. 
  • This pattern mostly works in favor of bears. So support line break may give a good short trade.
  • Bulls also would be hoping that price closes above 50 SMA.





  • Weekly close above 20 week SMA will extend this up move.  But for bulls things will be tough as they have to face the Golden ratio, 100 SMA and the down trend line in a short while. Bearish candles at these levels may give shorting opportunities
  • BANK NIFTY ANALYSIS
  • USDINR UPDATE FOR TODAY
  • S&P 500 EOD UPDATE


  • Bank nifty weekly and daily charts shows price near an important resistance level which should be crossed on closing basis for the current up move to continue. 
  • 100 SMA or Ichimoku cloud should be crossed by bulls on closing basis to extend this up move. Unable to close above the cloud will result in a correction.
  • S&P 500 EOD UPDATE
  • USDINR UPDATE




  • Month and daily chart shows different resistance line possibilities.
  • Month chart shows a possible resistance line hit at around 1330 levels for this month possible only if price sustains above 1292 levels.
  • Daily chart shows a similar resistance level hit at around 1314 level approximately.
  • Only the ascending triangle is giving a higher possibility.
  • For the above possibilities to work well for bulls price should hold on to the current gains till tomorrows close.
  • QQQ TREND 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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"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