February 14, 2012

  • Priceline.com with it's weekly range breakout. Range is about 123 points so the target is above 670 levels.
  • caution this stock already had a false breakdown from the same range. But week candle came back to close inside the range. So bulls of PCLN should close near high of the week for sustaining the momentum. Pullbacks should also be limited to 550 levels. 
  • WEEKLY MACD BUY SIGNAL OF PRICELINE
  • Crude oil sustaining above 101.30 levels should continue this up move towards 103 levels.
  • for bears of crude oil price need to fall below 50 Day SMA again.
  • Gold is below 20 day SMA. Short trade possible on the break of 1704.
  • Long trade possible above resistance level 1733.
  • Silver four hour is falling towards the support zone 32.97 - 33.14
  • If the support zone is held an up move towards 34.25 is possible.
CHART-II
  • Channel support line discussed below has been violated. Bigger fall may happen only if price stays below 3.7510 levels.
CHART-I
  • Copper testing the channel support line. Price is below 100 Period sma. Bulls of copper need price to breakout above the dotted resistance line and 100 Period SMA. It would be safe to be long copper above 3.8653 levels.
  • Bears need price to breakdown below the channel support line.  Copper will be weak below 3.7840  and weaker below 3.7510 levels.
  • RISING WEDGE OF SPX
CHART-II
  • Range was about 100 Points so price should hit 5530 levels. 
CHART-I
  • Nifty 15 Minutes with ascending triangle and Hour chart with range.
  • Bullish above 5420 - 5430 level. Weak below 5390
  • Nifty continues to be in a range. But indicators are showing weakness. Initial reaction out of the range may end up as a whipsaw. An upper breakout from the range should result in perfect negative divergence. Breakdown from the range should give good short entry but one should have proper stop loss if nifty decides to continue to original trend.
  • RISING WEDGE OF SPX
  • MCX COPPER CHART ANALYSIS
  • MCX CRUDE OIL RISING SUPPORT LEVELS
  • A Bearish rising wedge pattern in four hour time frame of SPX.
  • Price is near the apex of the pattern and should give a breakdown or breakout soon.
  • Rising wedges are mostly bearish patterns. If price breaks below the cloud as shown in second chart it should target 1270 levels initially.
  • An upper breakout cannot be ruled. In many cases they end up as false breakouts or busted patterns.
  • EURUSD ANALYSIS
  • EURUSD Four hour chart with a rising wedge like pattern.
  • Price is testing the support line and 50 period SMA.
  • Breaking below these levels on closing basis will extend correction towards 1.3100 levels.
  • Getting support here may result in an up move towards 1.3280 levels initially.
  • Last chart shows overbought stochastic and price correction. 
  • Right now price is testing 20 Day SMA and 50% Fib level. If this level holds an up move towards 171 is possible.
  • Price closing below 20 Day SMA shall give a correction towards 162 - 163 levels

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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