April 4, 2012


  • Gold weekly chart near long term support line.
  • Price has fallen below 50 week sma. Week candle closing below this level will extend this correction.
  • Price getting support at the channel support line may give an up move.



  • ES may give a bounce from the support line shown in 3rd chart.
  • Price breaking the cloud and 100 Period SMA in four hour time frame is negative But charts look oversold right now and it may result in a bounce towards 23.6% fib level again.
  • Price breaking the support line will strengthen bears further and it may target 38.2% fib level.




  • Up trend line and 50 Day SMA mentioned in an earlier post has not given support for EURUSD.
  • Price may now target either the 50% Fib level or 1.3004 level which was the last swing low.



  • Silver support levels in daily chart are 31.62 and 31.08.
  • Price is sustaining below 20 Day SMA which will be the immediate resistance on a pull back. Then the daily Ichimoku cloud will be tough to cross for bulls of silver.





  • Nifty bulls failed to close the day above the resistance line. This may lead to a correction, But for bulls there is a cluster of support from 5295 - 5321 (20 Day SMA - 5295, 50 Day SMA - 5318, 5 Day High EMA - 5321) - Breaking and closing below this cluster will weaken the bulls.
  • Resistance is at 5 Week High EMA - 5385
  • DOW JONES EOD UPDATE


  • EURUSD has fallen below 50 Day SMA.
  • Up trend line may stop the fall.
  • Important support below the up trend line is 1.3004 levels.



  • Dow Jones Four hour and daily time frames showing similar setups.
  • If the up trend lines are held we should see another breakout in favor of bulls.
  • For weakness bears shall try to trade below 13000 levels 





  • AUDUSD is moving down in a channel
  • Daily chart shows price getting resisted at 20 Day SMA.
  • Price is testing a possible support  line and 38.2% Fib level. If these levels hold an up move is possible. Breaking these levels will exted the correction


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