January 23, 2012

  • ES has given a false breakout from the range in hour chart.
  • Bears will be stronger only if price falls below the support line of the range.
  • Staying above the support line will keep the bulls interested for making another attempt to close above the resistance line.
  • Hourly trend will change below the cloud.
  • US DOLLAR AT 50 SMA

  • US Dollar Daily chart testing 50 Day SMA.
  • Price staying below the horizontal line will extend correction for US Dollar.
  • Getting support here may result in an up move.
  • EURUSD TREND UPDATE


  • ES Continue to grind up staying in the channel and without giving big corrections.
  • Breaking the support line in red color may give good correction.
  • Holding the support line will favor bulls for this up move to continue.
  • EURUSD TREND UPDATE


  • Gold Trying to stay above 200 SMA. Price yet to give a large move away from 200 SMA. 
  • Price need to close above the resistance line too for avoiding a fall.
  • Bearish candles at the resistance line may lead to a fall.
  • SILVER WEEKEND VIEWS


  • EURUSD is doing an oversold bounce as seen in the last chart. Up move will pick up momentum if it is able to stay above 61.8% level.
  • Daily chart is trying to stay above 20 Day SMA. Price is moving towards 50 Day SMA which may act as resistance.
  • Price in daily is below the cloud which will favor bears of EURUSD
  • DOW JONES WEEKEND ANALYSIS
  • SILVER WEEKEND VIEWS


  • All falls started between Golden ratio and 78.6%
  • For now Nifty bulls fighting with the golden ratio. Spike above this level will extend this up move. If price repeats previous price action Nifty may be entering the selling zone again. After entering this level one may look for weakness in price action for shorting. 
  • If price stays above 78.6% then we may be seeing a bigger reversal. Closing above this level should caution bears.

  • Nifty is nearing an important resistant line. Price is also close to 5 Month High EMA which is a resistance zone, Mostly price fell without touching the 5 Month High EMA. This time too if nifty does not cross 5099 soon the correction will start. Crossing 5099 on daily closing basis may extend this move towards 5 Month High EMA.
  • SILVER WEEKEND VIEWS
  • DOW JONES WEEKEND ANALYSIS

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