February 3, 2012

  • Bidu is moving away from the triangle resistance line and away from 200 SMA.
  • Closing above 200 SMA will confirm the bullishness.
  • First hurdle above 200 SMA for bulls of this stock is 137. Close above 137 will lead to a bigger up move.
  • DIAMOND OF DOW JONES
  • MICROSOFT RESISTANCE LEVEL
  • MSFT Monthly chart with triangle breakout and Resistance level.
  • Current up move will hit 30.50 - 31.50 Zone which will act as resistance.
  • This zone has acted as resistance many times in the past.
  • Bearish weekly candles at this zone may lead to a reversal. Week candles should trade above this zone on closing basis for a bigger up move to happen.
  • ES SUPPORT AND RESISTANCE LINES
  • Daily chart of ES shows a rising wedge like pattern.
  • Four hour chart shows breakout above 1329. Holding 1329 price may target the resistance line in daily chart.
  • For bears price shall fall below 1329 and 1325 levels.
  • GOLD CHANNEL AND GOLDEN RATIO
CHART-II
  • Channel discussed below has given a breakdown. Daily chart is getting resisted near Golden ratio.
CHART-I
DAILY CHART
  • Gold Hour chart shows an ascending channel.
  • Daily chart is near resistance levels like golden ratio and previous swing high 1763.
  • Break of channel support line may result in a correction.
  • TRIANGLE OF COPPER
CHART-II
  • Copper triangle breakout has given good gains for bulls of copper. Price is nearing the golden ratio shown below in the daily chart, this level may continue to act as resistance.
CHART-I
  • Copper Four hour chart shows a triangle pattern
  • Support line of the triangle is the 50% Fibonacci level as shown in the second chart.
  • Breaking the resistance line of the triangle may give a rally towards the golden ratio shown in second chart.
  • DIAMOND OF DOW JONES
  • Nifty futures weekly chart hits previous support level which might act as resistance.
  • It's an up trending market. So going short is advisable only when weakness is confirmed.

  • Nifty Volume chart shows good addition in volume along with price increase.
  • 2nd chart shows chance of a bullish crossover. If price sustains above 200 SMA crossover will be effective and the up move will continue.
  • Price Testing 5 Month High EMA. For bulls price shall sustain above Last month High and 5 Month High EMA to avoid weakness.
  • DIAMOND OF DOW JONES

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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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