January 29, 2012

  • Daily chart shows Golden ratio and resistance levels between 1760 - 1770 levels.
  • Weekly chart too shows a channel resistance line between the above mentioned levels.
  • Problem for bears of gold is that this weekly channel was violated many times in the recent times. So another channel break and a bigger up move cannot be ruled out.

  • Bidu has violated the triangle resistance line and closed outside the pattern.
  • Price will face resistance at 200 Day SMA. If the stock sustains above 200 SMA then price will move towards 137 and higher levels can be seen as shown in the last chart.

  • SLW breaking above 200 SMA and unlike the last time price action is looking good for continuing the current up move above 200 SMA.
  • Weekly line chart shows bullish price action out of a consolidation pattern.
  • Last chart shows the possible resistance levels for next week.


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