May 2, 2012


  • Apple 15 Minutes continue to move down in a channel.
  • Hour chart shows a possible Inverted head and shoulders pattern. Price need to stay above 50 Hour SMA For this particular pattern to work in favor of bulls.
  • Daily chart continue to test 50 day SMA. Close below 50 SMA May lead to the recent lows again.



  • ES One hour chart has broken crucial support levels.
  • Four hour chart is near important support levels (200 period SMA and 38.2% Fibonacci levels) If these two levels held we may see es turning  up again.
  • EURUSD AT RESISTANCE LEVELS



  • First chart is show with MACD.  Crucial support in  this chart is the 200 Day SMA.  If  200 SMA is held MACD should  give a buy signal.
  • If the 200 SMA is held we may see a triangle pattern in google. Price has to sustain above 50 Day SMA for a possible up move towards the resistance line of the triangle.
  • 20 and 50 Day SMA is showing  a possible bearish  setup. If price stays below 20 SMA we might get a trending move in favor of bears  provided 200 SMA gets broken.
  • EURUSD AT RESISTANCE LEVELS


  • No big change in nifty's position. Price below 20 and 50 day SMA.
  • Weekly chart shows price getting closer to a breakout. Price has to take a decision  to either close above 5 week High EMA or 20 Week SMA.
  • TATA STEEL IN A RANGE



  • EURUSD Near resistance levels 
  • If price does not give an upper breakout above 200 SMA and the falling resistance line  soon we will get the next down move towards 1.3050 levels.



  • ES has fallen back into the hourly range.
  • Hourly supports near golden ratio, 50 Hour SMA and the rising support lin one hour chart.



  • Crude oil has violated the resistance line of the channel
  • Price has also moved above 50 day sma. A bullish close for the daily candle will confirm the breakout.
  • Crucial weekly resistance levels are shown in the last chart


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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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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