January 21, 2012

  • First chart is Dow Jones monthly time frame with resistance line from 2007 Top, Price has violated this resistance line.
  • Only hope for bears is the resistance levels shown in last chart. 12753 and 12876 are the levels which might stop this up move. All other charts shows bulls in complete control with price not showing any weakness yet.

  • ORACLE has filled the GAP in daily chart.
  • Price is approaching 50 and 100 Day SMA levels.
  • There is a slopping resistance line in daily chart which may act as resistance for this up move up.
  • Week chart is also near Mid Bollinger band which should be crossed by bulls for sustaining this rally.

  • Daily RSI is showing very overbought readings. But price is yet to show any weakness.
  • the slopping resistance line in weekly chart, 200 Day SMA and previous broken support all of these points to a resistance around 10000 level. If it is going to be a bigger up move price need to stay above this level. Price is expected to give a correction from this level.


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