February 22, 2012

  • SPY Falling to the support line
  • 50 Hour SMA too is near the support line. So a breakdown below these two levels may give an extended correction. Getting support at  50 Hour SMA may give an up move towards the recent high's again.
  • APPLE BEARISH FLAG
  • Apple making a corrective up move for the fall from 526 towards 486.
  • Up move looks like a bearish flag pattern. If price breaks the support line we may get another fall towards 486 level.
  • BIDU Falling towards 100 SMA.
  • Trend line has acted as support till now. Price closing below it may extend correction towards 50% or 61.8% Fib level shown in last chart.
  • ES SUPPORT LEVELS
  • 38.2% Fib level seems to be an important Support and resistance zone. Important for bulls to stay above it for avoiding a correction.
  • Price also need to stay above 100 Hour SMA. Last fall towards it gave a bounce. It is getting tested again. Price sustaining below it may lead to a breakdown towards 50% or 61.8% Fib level.
CHART-II
  • Price closed at the trend line.
CHART-I
  • Nifty testing the trend line in four hour chart.
  • Price is yet to break below this trend line.
  • Getting support here may lead to an up move. Bears need price to close below this trend line.
  • Weekly chart is with price action till yesterday. Daily is showing today's price action.
  • Daily candle is testing the channel resistance line. Only a negative closing can save bears of TCS. Daily and weekly candle sustaining above 1260 levels may lead to a larger breakout. Price need to confirm the breakout on daily and week closing basis.
  • Reliance is in  a range near 200 SMA. once this range gets resolved a bigger move is expected to happen. 
  • Yesterday's price action was a big relief for bulls of reliance as stock was threatening to breakdown below 20 SMA instead it manged to close above 20 SMA and 200 SMA. 
  • Bigger move will happen once the range gets resolved. 
  • Google made an intraday attempt to stay above 50 Day SMA. But day closed below it.
  • Fibonacci levels too shows a range between 38.2% to 50% on closing basis. Price is yet to close the day outside this range which will give good direction for google. Price closing above 50 SMA and 50% Fib level should give good up moves.
  • Silver bulls has to the tough job of closing above 200 SMA for confirming a breakout.
  • Four hour chart shows a range with breakout level at 34.51.
  • So price need to sustain above 34.51 and 200 SMA on closing basis for a bigger up move to happen

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