February 15, 2012
- Price falling towards the dotted support line. If this line is taken out price will hit the 100 period SMA.
- ES Four hour chart with resistance line. A short trade is possible from the black resistance line.
- Falling below the red line too is weak and a correction towards 1342 levels is possible.
- Triangle discussed in the below chart has given a good short trade. Further weakness on hour closing below 838. This level may also act as support.
- NIFTY RANGE UPDATED
- Reliance fibonacci levels shows resistance near 78.6% Fib level.
- But price has not given a sell yet. If price is able to close below 10 Day EMA along with a MACD sell signal we may see a correction in reliance.
- Bulls of reliance need a daily close above 78.6% fib level for a possible move above 900+.
- S&P 500 EOD UPDATE
- Price took support at the supporting trend line of the rising wedge.
- The range shown in daily chart looks like it will be resolved on the up side and it will target the resistance line of the rising wedge which should target around 1360 levels.
- For bears Range and rising wedge breakdown may result in good correction.
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.