May 21, 2012



  • Bank of america has fallen below 200 SMA which is bad news for bulls of BAC.
  • Daily chart continues to fall down in a channel.
  • Price has also fallen below the golden ratio. Closing below the golden ratio and 200 SMA Could strengthen bears further to extend the fall.
  • Bulls of BAC need to get back above 200 SMA to minimize the damage.
  • APPLE TREND UPDATE



  • Apple hour chart shows price testing 50 Hour SMA.
  • For this up move to continue price should sustain above the 50 Hour SMA and the hourly cloud.
  • Last chart shows four hour time frame with trend lines. Price if stays above the dotted line may extend the up move towards the black trend line.


  • If EURUSD breaks last weeks lows then the levels mentioned in the first two charts may be tested the 78.6% Fib level and the support line.
  • Month chart is bouncing from the Trend line shown in the last chart. If the trend line gets violated then the marked support zone between  1.23 - 1.25  may come into play.
  • ES TREND UPDATE



  • ES continues to trade below 50 Hour SMA and Ichimoku cloud in hour time frame.
  • Daily need to stay above 200 SMA for a turn around to happen.
  • Price sustaining below 200 SMA and breaking last week's low could give another breakdown.
  • SPY WEEKEND UPDATE


  • All three time frames have changed positive.
  • Buy signal is not yet confirmed in daily chart.
  •  A Higher close today will add strength for bulls of MCX Copper.




  • USDINR Weekly chart is showing negative divergence with MACD Indicator.
  • But Month chart is showing a breakout above the multi year Resistance line. Bullish traders of this pair need price to sustain above this resistance line on month closing basis for bigger up moves to happen.




  • For bulls a daily close above 5 day high EMA should result in a bounce. 
  • Weekly chart shows price bouncing from Lower bollinger band. If last week's lows are held then a channel is likely to play out as shown in the last chart.
  • Crucial resistance levels if nifty decides to move up are 
  • 5 Day High EMA 4934
  • 5 Month Low EMA 4937
  • 5 Week Low EMA 4975
  • SBI CHART ANALYSIS



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.

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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